OPEC raises Russia’s 2018 oil output outlook to 11.15 mln bpd

MOSCOW, Jul 11 (PRIME) -- OPEC has increased its outlook for Russia’s oil and gas condensate output by 150,000 barrels per day in July-December, and by 80,000 barrels per day to 11.15 million barrels per day in 2018, the organization said in its July Monthly Oil Market Report released on Wednesday.

OPEC projects Russia’s oil and gas condensate output to rise by 20,000 barrels per day to 11.17 million barrels per day in 2019.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

The organization has retained its 2018 outlook global oil demand growth at 1.65 million barrels per day to 98.85 barrels per day, and increased the outlook on supply growth from non-OPEC states by 2 million barrels per day to 59.54 million barrels per day.

OPEC expects 2019 global oil demand to rise by 1.45 million barrels per day to over 100 million barrels per day and supply from non-OPEC states to grow by 2.1 million barrels per day to 61.64 million barrels per day with the U.S., Brazil, Canada, Australia and Kazakhstan among the main suppliers.

OPEC also said that in June it fulfilled by about 124% the agreement between OPEC and non-OPEC states to reduce oil output, and increased month-on-month oil production by 173,000 barrels per day to 32.327 million barrels per day.

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