IEA: Russia’s OPEC+ deal compliance at 109% in Jan vs 107% in Dec

MOSCOW, Feb 11 (PRIME) -- Russia’s compliance with the OPEC+ oil output reduction deal grew to 109% in January from 107% in December 2021, the International Energy Agency (IEA) said in a report on Friday.

The OPEC+ joint compliance hit an all-time high of 127% in the month, the IEA said.

The IEA raised its 2022 growth forecast for oil production outside the OPEC+ to 2 million barrels per day from 1.8 million barrels per day.

The agency slightly cut the 2022 demand growth forecast to 3.2 million barrels per day from 3.3 million barrels per day.

The agency also said that the commercial oil reserves of the Organization for Economic Cooperation and Development fell by 60 million barrels on the month to 2.680 billion barrels as of the end of the month, which is near a 7-year low.

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