OPEC raises forecast for Russian oil output to 11.08 bpd in 2017

MOSCOW, Mar 14 (PRIME) -- OPEC has increased its forecast for Russia’s daily oil output in 2017 to 11.08 million barrels from 11.03 million barrels projected earlier, OPEC said in a report on Tuesday.

In February, Russia produced 11.21 million barrels daily, OPEC said.

Russia’s daily oil output rose 0.3 million barrels to 11.10 million barrels in 2016, according to OPEC.

OPEC and 11 non-OPEC countries, including Russia, agreed on December 11, 2016 to cut combined oil production by 1.8 million barrels a day in January–July 2017 in order to balance supply and demand. OPEC will reduce output by 1.2 million barrels daily, while Russia is to decrease production by 300,000 barrels.

The production level of October 2016 is used as the guideline to measure the reduction.

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