OPEC affirms Russia’s 2018 oil output outlook at 10.98 bpd

MOSCOW, Jan 18 (PRIME) -- OPEC has affirmed its outlook for Russia’s oil and gas condensate output at 10.98 million barrels per day in 2018 as compared with 11.17 million barrels per day in 2017, it said in its January Monthly Oil Market Report released on Thursday.

“The average liquids output of Russia in 2017 – based on eleven months of secondary sources and official data for the month of December – stood at 11.17 million barrels per day, showing annual estimated growth of 0.09 million barrels per day, year-on-year,” the report read.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was initially concluded for January–June, prolonged for nine more months in May and then until the end of 2018 in November.

OPEC has increased its 2018 global oil demand forecast by 0.06 million barrels per day from the December forecast, to 98.51 million barrels per day due to higher than expected consumption in Europe and China. The 2017 global oil demand forecast was raised by 0.04 million barrels per day to 96.99 million barrels per day.

OPEC has decreased its forecast for 2017 global oil supply of non-OPEC states by 0.04 million barrels per day to 57.79 million barrels per day and increased the 2018 global oil supply forecast by 0.12 million barrels per day to 58.94 million barrels per day.

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