OPEC raises Russia’s oil output forecast to 11.54 mln bpd for 2019

MOSCOW, Apr 10 (PRIME) -- OPEC raised forecasts for liquid hydrocarbon production in Russia to 11.54 million barrels per day from 11.49 million barrels per day in 2019, OPEC said in a report on Wednesday.

The OPEC states reduced oil production by 534,000 barrels a day in March to 30.02 million barrels a day, mostly thanks to reduction in Saudi Arabia, Venezuela, Iraq and Iran, to overfulfil the OPEC+ oil output cut deal by 54%.

The organization decreased its forecast for oil demand growth in 2019 by 30,000 barrels per day to 1.21 million barrels per day. Its estimate of oil demand growth in 2018 was decreased by 20,000 barrels per day to 1.41 million barrels per day. Demand in 2019 is projected at 99.91 million barrels per day.

OPEC’s forecast for oil supply by states outside the organization in 2019 fell by 0.06 million barrels per day to 2.18 million barrels per day.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. Earlier in December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018.

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