OPEC retains Russia’s 2018 oil output outlook at 10.98 mln bpd

MOSCOW, Feb 12 (PRIME) -- OPEC has retained its outlook for Russia’s oil and gas condensate output at 10.98 million barrels per day in 2018, a fall by 0.19 million barrels per day, OPEC said in its February Monthly Oil Market Report released on Monday.

OPEC also confirmed its estimate of Russia’s oil and gas condensate output at 11.17 million barrels per day in 2017.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was initially concluded for January–June, prolonged for nine more months in May and then until the end of 2018 in November.

OPEC has increased its 2018 global oil demand forecast by 0.09 million barrels per day from the January forecast, to 98.6 million barrels per day due to a better consumption outlook. It has also revised up its 2017 global oil demand estimate to 97.01 million barrels per day from 96.99 million barrels per day.

OPEC also said that in January it fulfilled by about 136% the agreement between OPEC and non-OPEC states to reduce oil output, because the organization decreased month-on-month oil production by 8,100 barrels per day to 32.302 million barrels per day in the period

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