UPDATE: IEA: RussiaТs oil output falls by 190,000 bpd in April
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MOSCOW, May 15 (PRIME) -- RussiaТs oil production fell by 190,000 barrels per day from October 2018 to 11.56 million barrels per day in April, which accounted for 80% fulfillment of the OPEC+ agreement, the International Energy Agency (IEA) said in a report on Wednesday.
Non-OPEC states fulfilled the OPEC+ oil production cut agreement by 151% reducing the output by 580,000 barrels per day.
The OPEC states complied with the deal by 131% cutting the output by 60,000 barrels per day to 30.12 million barrels per day in the month with Saudi Arabia being the main contributor.
The IEA also reduced its forecast for global oil demand in 2019 by 90,000 barrels per day to 1.3 million barrels per day.
In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018.