IEA: Russia fulfills OPEC plus deal terms by 2% in August

MOSCOW, Jul 13 (PRIME) -- Russia increased its compliance with the OPEC+ oil deal to 2% in August from zero in July with the daily oil output of 11.59 million barrels which equals the level of October 2016, the International Energy Agency (IEA) said in a monthly report on Thursday.

The IEA also said that the average level of Russia’s compliance with the deal from the beginning of 2017 stands at 71%.

The combined oil output of non-OPEC states in August fell by 410,000 barrels per day as compared with October 2016 with an average compliance level of 81% since the deal was signed. The level of compliance of all the members of the deal outside OPEC rose to 103% in August from 95% in July.

OPEC states raised their combined daily oil output by 0.42 million barrels on the month to 32.68 million barrels per day in August, reducing their compliance with the deal to 115% from 119%, the agency said.

The IEA reiterated its forecast for average global daily demand for oil in 2018 at 99.3 million barrels, and in 2019 at 100.8 million barrels.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

The Russian Energy Ministry and OPEC have repeatedly said that participants of the agreement and the IEA use different methodologies for calculation of levels of compliance with the deal.

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