IEA sees Russia’s oil output growing to 11.5 mln bpd in 2019

MOSCOW, Nov 14 (PRIME) -- Russia’s oil and gas condensate output is projected to grow to record 11.5 million barrels a day in 2019 from 11.2 million barrels a day expected in 2018, the International Energy Agency (IEA) said in a report Wednesday.

In October, Russia’s oil and condensate output reached a record of 11.4 million barrels a day, the IEA said.

The IEA also said that OPEC states raised oil production by 200,000 barrels a day in October to 23.99 million barrels a day, having fulfilled the OPEC+ oil production cut agreement by 105%.

Non-OPEC states fulfilled their obligations to cut oil production by 42%, having produced a total of 18.66 million barrels a day, down 50,000 barrels a day.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

The IEA maintained outlook for growth of global oil demand at 1.3 million barrels a day in 2018 and 1.4 million barrels a day in 2019. Global oil demand is thus expected at 99.2 million barrels a day in 2018 and 100.6 million barrels a day in 2019.

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