OPEC keeps outlook for Russia’s 2019 liquid hydrocarbon output

MOSCOW, Feb 12 (PRIME) -- OPEC has maintained its forecast for Russia’s liquid hydrocarbon output in 2019 at 11.49 million barrels per day, OPEC said in a report Tuesday.

In January–June, Russia’s output of liquid hydrocarbons will fall by 230,000 barrels per day compared to the level of October 2018, it said.

In January, Russia’s liquid hydrocarbon production fell by 50,000 barrels per day compared to October 2018 and by 90,000 barrels per compared to December 2018 to 11.56 million barrels per day, OPEC said.

OPEC said it fulfilled the OPEC+ oil production cut agreement by 86% in January, having reduced its oil production by 797,000 barrels per day to 30.81 million barrels per day, mainly due to lower output in Saudi Arabia, the United Arab Emirates (UAE), Kuwait, and Angola.

The organization lowered its estimate of growth of oil demand in 2018 by 0.03 million barrels per day and reduced its 2019 forecast by 0.05 million barrels per day. According to OPEC, oil demand grew by 1.47 million barrels per day to 98.76 million barrels per day in 2018 and is expected to increase by 1.24 million barrels per day to 100 million barrels per day in 2019.

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