OPEC raises Russia’s 2017 oil output forecast to 11.12 mln bpd
MOSCOW, Sep 12 (PRIME) -- OPEC has raised its forecast for Russia’s oil and gas condensate output in 2017 by 10,000 barrels to 11.12 million barrels a day, the organization said in a Monthly Oil Market Report for September on Tuesday.
OPEC also raised its forecast for global oil demand in 2017 by 280,000 barrels to 96.77 million barrels a day. In 2016, global demand for oil amounted to around 95.35 million barrels a day.
OPEC states decreased oil production by 79,000 barrels a day compared with July and by 1.225 million barrels compared with October 2016 to 32.755 million barrels a day in August, thus fulfilling the oil production cut agreement by 97%, the report said.
The organization also revised down its July oil production data by 35,000 barrels to 32.834 million barrels a 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.
For further details, see the report on OPEC’s official Web site:
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