OPEC increases Russia’s 2017 oil output forecast to 11.11 mln bpd
MOSCOW, Aug 10 (PRIME) -- OPEC expects Russia to produce 11.11 million barrels of liquid hydrocarbons per day in 2017, or 0.04 million barrels per day more than projected in its July forecast, the organization said in a Monthly Oil Market Report for August on Thursday.
“The forecast for the 3Q17, 4Q17 and 1Q18 remains unchanged at 10.98 mb/d in line with the OPEC and non-OPEC cooperation… It is expected that the country’s 2017 liquids production (including NGLs) will average 11.11 mb/d, indicating a growth of 30 tb/d, y-o-y.,” the report read.
The 2018 forecast remained unchanged at 11.24 barrels per day.
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.
The forecast for global crude demand in 2017 was increased by 0.11 million barrels per day from July to 96.49 million barrel per day. The 2018 projection was also raised by 0.12 barrels per to 97.77 million barrels per day, a new record high.
In July, OPEC’s oil production increased by 172,600 barrels per day on the month to 32.869 million barrels per day due to a rise in Libya, Nigeria and Saudi Arabia’s output, the organization also said in the report.
For further details, see the report on OPEC’s official Web site:
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