IEA: Russia’s Dec OPEC+ deal compliance rises to 107% from 96%

MOSCOW, Jan 19 (PRIME) -- Russia’s compliance with the OPEC+ oil output reduction deal grew to 107% in December from 96% in November, the International Energy Agency (IEA) said in a report on Wednesday.

The OPEC+ joint compliance hit an all-time high of 121% in the month, the IEA said.

OPEC's production grew by 190,000 barrels per day (bpd0 on the month to 27.99 million bpd in December.

The IEA maintained its 2022 growth forecast for oil production outside the OPEC+ at 1.8 million bpd.

The agency slightly raised the 2022 demand growth forecast to 3.3 million bpd.

The agency also said that the commercial oil reserves of the Organization for Economic Cooperation and Development fell by 6.1 million barrels on the month in November to 2.756 billion barrels as of the end of the month, which is near a 7-year low.

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