IEA: Russia complies with OPEC+ oil output cut deal by 95% in Jul

MOSCOW, Aug 12 (PRIME) -- Russia’s compliance with the OPEC+ oil output reduction deal stood at 95% in July, the International Energy Agency (IEA) said in a report on Thursday.

The OPEC+ states jointly complied with the deal by 110% in July, with the OPEC countries’ compliance at 116% and the non-OPEC states’ compliance at 99%, the IEA said.

Global oil production rose by 1.7 million barrels a day on the month to 96.7 million barrels a day in June. The output of the OPEC+ states increased by 720,000 barrels a day to 26.68 million barrels a day, as compared with an adjusted May assessment of 25.96 million barrels a day.

The IEA downgraded its forecast for the oil production growth outside OPEC+ in 2021 to 600,000 barrels a day from 770,000 barrels per day expected previously. At the same time, the forecast for oil output growth of non-OPEC in 2022 was raised to 1.7 million barrels from 1.6 million barrels a day.

The agency also decreased its forecast for an oil demand increase in 2021 to 5.3 million barrels a day from 5.4 million barrels, and it should rise another 3.2 million barrels a day in 2022.

The agency also said that commercial reserves of the Organization for Economic Cooperation and Development (OECD) fell by 50.3 million barrels on the month in June to 2.882 billion barrels as of the end of the month, which is below the 5-year average figure by 131.2 million barrels.

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