OPEC cuts forecast for Russian oil output to 11.04 bpd in 2017

MOSCOW, Jun 13 (PRIME) -- OPEC has reduced its forecast for Russia’s 2017 daily oil output to 11.04 million barrels from 11.16 million barrels projected earlier, OPEC said in a report on Tuesday.

The 2017 production forecast was adjusted after prolongation of Russia’s deal with OPEC, implying reduction of output, the organization said.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June and was prolonged for nine more months in May.

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