IEA: Russia fulfills oil output cut deal by 93% in June

MOSCOW, Jul 13 (PRIME) -- Russia cut its daily oil output by 280,000 barrels compared to October 2016 to 11.317 million barrels in June, having fulfilled an oil production cut agreement by 93%, the International Energy Agency (IEA) said in a report on Thursday citing preliminary results.

Rosneft cut its production by 113,000 barrels a day from October, Lukoil reduced the production by 44,000 barrels a day, and Surgutneftegas decreased it by 34,000 barrels a day.

OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries agreed to cut their combined output by 558,000 barrels, including Russia, which has agreed to slash production by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June and was prolonged for nine more months in May.

OPEC increased its combined daily oil output by 340,000 barrels compared to May to 23.6 million barrels in June and decreased it by 920,000 barrels compared with October, having fulfilled the production cut agreement by 78% after 95% in May, the IEA also said.

Non-OPEC states fulfilled the oil production cut agreement by 82% in June after 74% in May.

The IEA raised its forecast for global oil demand in 2017 by 160,000 barrels a day to 98 million barrels a day.

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