OPEC raises outlook for Russia’s hydrocarbon output in 2019

MOSCOW, Jan 17 (PRIME) -- OPEC has raised its forecast for Russia’s liquid hydrocarbon output in 2019 to 11.49 million barrels per day from 11.44 million barrels per day, OPEC said in a report Thursday.

In 2018, Russia’s output is estimated at 11.35 million barrels per day compared with 11.33 million barrels per day provided in the December report.

OPEC also raised its estimate of Russia’s output in October–December 2018 by 59,000 barrels to 11.61 million barrels per day.

According to preliminary figures, Russia’s oil output amounted to 11.65 million barrels per day in December, which is 80,000 barrels more than in November and 500,000 barrels more than in December 2017.

Oil output by OPEC states fell by 780,000 barrels per day compared to October to 31.578 million barrels per day, it said.

The output fell the most in Saudi Arabia, Libya, and Iran and grew in Iraq.

OPEC also maintained its forecast for growth of oil demand at 1.5 million barrels per day in 2018 and 1.29 million barrels per day in 2019. Global oil demand is thus expected at 98.78 million barrels per day in 2018 and 100.08 million barrels per day in 2019.

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