IEA: Russia’s OPEC+ deal compliance rises to 337% in April

MOSCOW, May 12 (PRIME) -- Russia’s compliance with the OPEC+ oil output reduction deal grew to 337% in April, the International Energy Agency (IEA) said in a report on Thursday.

Russia’s oil output fell by 960,000 barrels per day due to the sanctions, the IEA said.

The agency expects Russia’s oil and gas condensate production to fell to the lowest since 2004 of 9.6 million barrels per day in the entire 2022.

The OPEC+ joint compliance amounted to 162% in the month. OPEC+ production fell by 1.03 million barrels per day to 43.12 million barrels per day.

The IEA worsened its forecast for global demand for oil in 2022 by 70,000 barrels per day to 1.8 million barrels per day.

The agency also said that commercial oil reserves of the Organization for Economic Cooperation and Development fell by 45 million barrels on the month in March to 3 billion barrels as of the end of the month.

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