IEA cuts Russia’s 2019 oil output forecast to 11.6 mln bpd

MOSCOW, Jan 18 (PRIME) -- The International Energy Agency (IEA) has lowered its forecast for Russia’s oil and gas condensate output in 2019 to 11.59 million barrels per day from 11.7 million barrels per day, the IEA said on Friday.

The estimate of Russia’s oil and gas condensate output in 2018 was lowered by 50,000 barrels per day to 11.49 million barrels per day.

Oil output by OPEC states fell by 580,000 barrels per day from October 2018 to 32.39 million barrels per day in December, the IEA also said. Non-OPEC states reduced oil production only by 20,000 barrels per day to 18.76 million barrels per day in the period.

In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil output to rebalance the market, then raised the production quotas. In December 2018, the participants of the deal decided to cut production again by 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.

The IEA maintained its outlook for global oil demand growth in 2019 at 1.4 million barrels per day. Thus global oil demand is projected at 100.7 million barrels per day in 2019.

The agency also raised its forecast for growth of oil supply by non-OPEC states in 2019 by 100,000 barrels per day to 1.6 million barrels per day. Thus the total volume of oil supply by non-OPEC states may reach 62.1 million barrels per day.

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