IEA: Russia complies with OPEC+ oil output cut deal by 94% in May

MOSCOW, Jun 11 (PRIME) -- Russia’s compliance with the OPEC+ oil output reduction deal amounted to 94% in May, the International Energy Agency (IEA) said in a report on Friday.

The OPEC+ states jointly complied with the deal by 114% in May, with the OPEC countries’ compliance at 124% and the non-OPEC states’ compliance at 94%, the IEA said.

Global oil production rose by 0.96 million barrels per day on the month to 94.3 million barrels per day in May. Output of the OPEC states increased by 370,000 barrels a day on the month to 25.43 million barrels. If sanctions are lifted from Iran, the country may raise its oil production by 750,000 barrels to 3.8 million barrels per day and become the world’s largest source of oil output growth, the agency said.

The IEA upgraded its forecast for the oil production growth outside OPEC+ in 2021 to 710,000 barrels per day from 620,000 barrels per day expected previously. Non-OPEC states may raise their production by 1.6 million barrels a day in 2022, the agency said. The agency also maintained its forecast for oil demand increase in 2021 at 5.4 million barrels per day, and it should rise another 3.1 million barrels a day in 2022. Demand should reach 99.5 million barrels per day in 2022, exceeding the pre-pandemic level.

The agency said that commercial reserves of the Organization for Economic Cooperation and Development (OECD) rose by 0.5 million barrels per day on the month in April to 2.926 billion barrels as of the end of the month, 61.3 million barrels below the 5-year average figure.

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