IEA: Russia’s oil output flat at 11.15 mln bpd in July

MOSCOW, Aug 9 (PRIME) -- Russia’s oil production stayed flat at 11.15 million barrels per day in July, which accounted for a 16% overfulfillment of the OPEC+ agreement, the International Energy Agency (IEA) said in a report on Friday.

In July, Russia’s oil output was mainly flat despite the news of a fall in production to 10.9 million barrels per day in the first half of the month when the problem of oil contamination in the Druzhba pipeline forced some companies to suspend production, the agency said.

The problem with the quality of oil coming from Russia to Europe across Belarus via the Druzhba pipeline appeared in April.

The OPEC+ states complied with the deal by 134% cutting the output by 200,000 barrels per day to 43.85 million barrels per day in the month with Saudi Arabia being the main contributor.

The IEA decreased its forecast for non-OPEC oil supplies growth by 70,000 barrels per day to 1.88 million barrels per day in 2019.

The agency also reduced its 2020 global oil demand forecast by 50,000 barrels per day to 1.3 million barrels per day.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the states decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 228,000 barrels per day for Russia, from the level of October 2018. In July, they prolonged the deal until April 2020.

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