OPEC keeps forecast for Russia’s hydrocarbon output 2018–2019

MOSCOW, Aug 13 (PRIME) -- OPEC has maintained its forecast for Russia’s liquid hydrocarbon output in 2018 and 2019 at 11.15 million barrels a day and 11.17 million barrels a day, respectively, OPEC said in a report Monday.

OPEC also kept its outlook for Russia’s liquid hydrocarbon output in July–December at 11.13 million barrels a day.

In 2017, Russia’s liquid hydrocarbon output stood at 11.17 million barrels a day.

Under preliminary data, Russia’s output of liquid hydrocarbons grew by 20,000 barrels a day on the month to 11.27 million barrels a day in July, while oil output rose by 28,000 barrels a day to 10.47 million barrels a day, OPEC said.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

OPEC said it increased oil production by 40,700 barrels a day to 32.323 million barrels a day in July, having fulfilled the OPEC+ oil production cut deal by 115% compared to 123% in June.

The biggest growth of oil production was recorded in Kuwait, Nigeria, the United Arab Emirates (UAE), and Iraq, while output fell in Libya, Iran, Saudi Arabia, and Venezuela.

OPEC has lowered its forecast for global oil demand in 2019 by 20,000 barrels a day to 1.43 million barrels a day and expects growth of supply by non-OPEC states of 2.13 million barrels a day. The average annual oil demand will be up to 100.26 million barrels a day in 2019.

OPEC also cut its forecast for global oil demand in 2018 by around 20,000 barrels a day to 1.64 million barrels a day. Demand for oil will thus stand at 98.83 million barrels a day, while supply from non-OPEC countries will be 59.62 million barrels a day.

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