OPEC: Russia produces 10.72 mln bpd of oil, gas condensate in Aug

MOSCOW, Sep 13 (PRIME) -- Russia’s oil and gas condensate production amounted to 10.72 million barrels per day in August, OPEC said on Monday in its monthly report citing preliminary data.

The country’s liquid hydrocarbon output fell by 0.03 million barrels per day on the month and by 0.57 million barrels per day on the year.

In 2022, Russia’s oil and gas condensate output is expected to grow by 1 million barrels per day to the average of 11.78 million barrels per day, including a rise to 11.88 million barrels per day in July–December 2022, OPEC said.

Compliance with the OPEC+ oil production reduction deal by OPEC states stood at 120% in August, while the organization’s oil output went up by 150,000 barrels on the month to 26.76 million barrels per day in the month.

OPEC reiterated its forecast for a rise in global demand for oil by 6 million barrels a day to 96.7 million barrels per day in 2021, and slightly increased the 2022 forecast to a rise by 4.2 million barrels per day from the previously projected rise by 3.3 million barrels per day.

OPEC also reduced the forecasts for oil production beyond OPEC by 150,000 barrels per day to 63.85 million barrels per day in 2021 and to 66.79 million barrels per day in 2022.

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