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

MOSCOW, Jul 13 (PRIME) -- Russia’s compliance with the OPEC+ oil output reduction deal stood at 96% in June, the International Energy Agency (IEA) said in a report on Tuesday.

The OPEC+ states jointly complied with the deal by 114% in June, with the OPEC countries’ compliance at 123% and the non-OPEC states’ compliance at 97%, the IEA said.

Global oil production rose by 1.1 million barrels a day on the month to 95.6 million barrels a day in June. The output of the OPEC states increased by 450,000 barrels a day to 25.93 million barrels a day, as compared with an adjusted May assessment of 25.48 million barrels a day.

Global oil production is to rise significantly in July, because Saudi Arabia and other OPEC+ members continue to contract their reductions under the deal, and Canada and the U.K. will launch production after maintenances, the IEA said.

The IEA again increased its forecast for the oil production growth outside OPEC+ in 2021 to 770,000 barrels a day from 710,000 barrels per a expected previously. Non-OPEC states may raise their production by 1.6 million barrels a day in 2022, the agency reiterated.

The agency also maintained its forecast for an oil demand increase of 5.4 million barrels a day in 2021, and it should rise another 3.1 million barrels a day in 2022.

The agency said that commercial reserves of the Organization for Economic Cooperation and Development (OECD) rose by 18.1 million barrels on the month in May to 2.945 billion barrels as of the end of the month, which is by 75.8 million barrels below the 5-year average.

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