OPEC: Russia hits new post-Soviet record for oil output in Oct

MOSCOW, Nov 13 (PRIME) -- Russia hit a new post-Soviet oil production record in October, producing an average 11.6 million barrels per day, OPEC said in a report on Tuesday.

Russia raised oil production by 50,000 barrels of oil per day on the month, the report said.

OPEC raised forecasts for liquid hydrocarbon production in Russia in 2018 and 2019 to 11.24 million barrels a day from 11.19 million barrels expected earlier.

OPEC also raised forecast for Russia’s oil output in October–December by 210,000 barrels a day to 11.19 million barrels a day.

OPEC states raised oil production by 127,000 barrels a day in October to 32.9 million barrels a day, having fulfilled the oil production cut agreement by 78% after 96% in September. Oil production grew the most in the United Arab Emirates (UAE), Saudi Arabia, Libya, and Angola, and decreased in Iran, Venezuela, Kuwait, and Nigeria.

The organization lowered its forecast for oil demand growth in 2018 by 40,000 barrels a day to 1.5 million barrels a day, while the forecast for 2019 was cut by 70,000 barrels a day to 1.29 million barrels a day.

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