OPEC keeps outlook for Russia’s 2019 liquid hydrocarbon output

MOSCOW, Mar 14 (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 Thursday.

In 2018, Russia’s liquid hydrocarbon reached a historic high of 11.35 million barrels per day.

In February, Russia’s average daily output of liquid hydrocarbons continued to decrease by 0.04 million barrels to 11.53 million barrels, OPEC said citing preliminary results.

OPEC said it overfulfilled the OPEC+ oil production cut agreement by 6% in February, having reduced its oil production by 221,000 barrels per day to 30.549 million barrels per day, mainly due to lower output in Venezuela, Saudi Arabia, and Iraq.

The organization lowered its estimate of growth of oil demand in 2018 by 0.04 million barrels per day to 1.43 million and maintained its 2019 forecast at 1.24 million barrels per day. According to OPEC, oil demand amounted to 98.72 million barrels per day in 2018 and is expected to reach only 99.96 million barrels per day in 2019.

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