IEA: Russia fulfils OPEC+ oil cut deal 95% in November

MOSCOW, Dec 14 (PRIME) -- Russia cut its daily liquid hydrocarbon output by 284,000 barrels to October 2016 to 11.313 million barrels in November, having fulfilled an oil production cut agreement by 95%, the International Energy Agency (IEA) said in a report on Thursday citing preliminary results.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. Russia joined the agreement in December with a promise to cut output 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. On November 30, ministers of OPEC states agreed to prolong the deal until the end of 2018.

OPEC states reduced oil production by 130,000 barrels a day compared with October 2016 to 32.36 million barrels in November, fulfilling the agreement by 115%.

Non-OPEC states fulfilled the agreement by 96% having reduced oil output by 526,000 barrels a day to October 2016 to 18.333 million barrels.

The IEA raised its forecast for global oil demand to 97.8 million barrels in 2017 and 99.1 million barrels in 2018.

End