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

MOSCOW, Apr 14 (PRIME) -- Russia’s compliance with the OPEC+ oil output reduction deal amounted to 95% in March, the International Energy Agency (IEA) said in a report on Wednesday.

The OPEC+ states jointly complied with the deal by 113% in March, with the OPEC countries’ compliance at 124% and the non-OPEC states’ compliance at 93%, the IEA said.

Global oil production rose by 1.7 million barrels per day on the month to 92.9 million barrels per day in March. The oil output of OPEC states increased by 210,000 barrels a day on the month to 25.05 million barrels, while the output of non-OPEC members of the OPEC+ alliance went up by 60,000 barrels to 14.7 million barrels a day.

The IEA trimmed its forecast for the oil production growth outside OPEC+ in 2021 to 610,000 barrels per day, down from 700,000 barrels per day expected previously. The agency also upgraded its forecast for oil demand increase in 2021 to 5.7 million barrels per day from 5.5 million barrels per day. Demand should reach 96.7 million barrels per day this year.

The agency said that commercial reserves of the Organization for Economic Cooperation and Development (OECD) dropped by 55.8 million barrels per day on the month in February and overshoot the 5-year average by 28.3 million barrels.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. Later, the cut was prolonged at 9.7 million barrels per day for July, narrowed to 7.7 million barrels per day for August–December, and then to 5.8 million barrels per day until May 2022. The agreement is valid until April 30, 2022, but the members will revise its extension in December 2021.

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