Highlights OPEC+ quotas, drilling programs to increase output capacity Output could rise by nearly 500,000 b/d by June on Nov 2021 levels Omicron, sanctions, strategic reserves releases could affect output Russian oil output is expected to rise in 2022, although factors including the coronavirus pandemic and the release of strategic petroleum reserves, could lead OPEC+ to amend its production plans, according to analysts.
Analysts expect the OPEC+ agreement to continue to be the key driver of Russian output volumes, with potential changes to Western economic sanctions policy, as well as spare capacity volumes, also playing a role. “We estimate a new drilling program will get Russian supply growth back in line with its OPEC+ quota hikes, allowing crude production to increase by nearly 500,000 b/d by June 2022 versus November 2021,” Platts Analytics Paul Sheldon […]