OPEC raises Russia’s 2018 oil output outlook to 11.07 mln bpd

MOSCOW, Jun 13 (PRIME) -- OPEC has raised its outlook for Russia’s oil and gas condensate output for 2018 to 11.07 million barrels per day from 10.98 million barrels per day, a fall by 0.1 million barrels per day from 2017, OPEC said in its June Monthly Oil Market Report released on Tuesday.

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

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was initially concluded for January–June, prolonged for nine more months in May and then until the end of 2018 in November.

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