OPEC fails to meet OPEC+ oil output growth goal for Aug

MOSCOW, Sep 13 (PRIME) -- The oil output of OPEC countries grew by 618,000 barrels per day as compared with July to 29.65 million barrels per day in August, with the organization failing to meet with the expected abolishment of OPEC+ oil output cuts by 1.4 million barrels, as seen by PRIME in a monthly report of OPEC on Tuesday.

Russia’s oil production shrank by 71,000 barrels to 9.8 million barrels per day in August, with the output of other gas condensate liquids falling by 119,000 barrels per day, according to the organization.

The organization retained its forecast of the combined oil production outside OPEC in 2022, and the average annual oil output should amount to 65.8 million barrels per day this year and to 67.5 million barrels in 2023. The organization still expects Russia’s output of oil and condensate to grow by 80,000 barrels to 10.9 million barrels per day in 2022 and to fall by 400,000 barrels to 10.5 million barrels per day in 2023.

OPEC also maintained its forecast for the growth of global oil demand in 2022, and it should rise by 3.1 million barrels per day to 100.03 million barrels per day. In 2023, demand should add another 2.7 million barrels to 102.73 million barrels per day because of stable economic factors of consumer countries, possible lifting of the COVID-19 restrictions, and lower geopolitical tensions.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) went up by 18.1 million barrels on the month in July, and were below the average annual reserve level for 2015–2019 by 271 million barrels.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May 2020 to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. Reduction quotas were changed several times. The alliance planned to eliminate all reduction quotas in August, to raise the combined output by 100,000 barrels per day in September, and then roll back to the August parameters in October.

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