OPEC raises Russia’s 2018 oil output outlook to 11.04 mln bpd

MOSCOW, May 14 (PRIME) -- OPEC has raised its outlook for Russia’s oil and gas condensate output in 2018 by 0.02 million barrels to 11.04 million barrels per day, the organization said in a report Monday.

OPEC also confirmed its estimate of Russia’s oil and gas condensate output in 2017 at 11.17 million barrels per day.

OPEC said it fulfilled the oil production cut agreement by nearly 163% in April, though raised the output by 12,100 barrels a day to 31.93 million barrels in the period.

Growth of oil production in Saudi Arabia and Algeria was partially compensated by reduction of output mainly in Venezuela, Gabon, and Nigeria.

OPEC also said its outlook for global oil demand by 0.02 million barrels a day to 1.65 million barrels a day in 2018. Demand for oil is expected at around 98.84 million barrels a day.

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