OPEC raises outlook for Russia’s 2019 oil output to 11.43 mln bpd

MOSCOW, Dec 11 (PRIME) -- OPEC has raised the outlook for Russia’s oil and gas condensate production in 2019 to 11.43 million barrels per day from 11.41 million barrels per day, the organization said in a report on Wednesday.

OPEC still expects Russia to produce 11.5 million barrels of oil and gas condensate per day in 2020.

In 2018, Russia’s liquid hydrocarbon reached a historic high of 11.35 million barrels per day.

OPEC said it overfulfilled the OPEC plus nonmember oil production cut agreement by 46% in November due to the production in Saudi Arabia.

The organization kept the outlook for oil supply by non-OPEC states at 64.3 million barrels per day in 2019 and 66.46 million barrels per day in 2020. The forecast for the growth of global oil demand was also retained at 0.98 million and 1.08 million barrels per day in 2019 and 2020 respectively.

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