IEA: Russia complies with OPEC+ oil output cut deal 96% in Nov

MOSCOW, Dec 14 (PRIME) -- Russia’s compliance with the OPEC+ oil output reduction deal grew to 96% in November from 92% in October, the International Energy Agency (IEA) said in a report on Tuesday.

The OPEC+ states jointly complied with the deal by 116% in the month, the IEA said.

OPEC’s production increased by 310,000 barrels per day on the month to 27.75 million barrels per day.

The IEA downgraded its forecast for the combined oil output of countries outside the OPEC+ alliance in 2021 by 100,000 barrels a day to 47.6 million barrels as an increase of production in the U.S. was compensated by a decrease of output in Brazil. The forecast for 2022 was maintained at the same level, and the agency expects the non-OPEC+ oil production to rise by 1.8 million barrels a day in the year.

The agency also downgraded its forecasts for increases of demand for oil by 100,000 barrels to 5.4 million barrels a day in 2021 and by 100,000 barrels to 3.3 million barrels a day in 2022. Next year, demand should rise to the pre-pandemic level of 99.5 million barrels per day.

The agency also said that the commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) fell by 21.2 million barrels on the month in October to 2.737 billion barrels as of the end of the month, which is below the 5-year average figure by 243 million barrels.

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