OPEC retains Russia’s 2019 oil output forecast at 11.41 mln bpd

MOSCOW, Nov 14 (PRIME) -- OPEC has retained its forecasts for liquid hydrocarbon production in Russia at 11.41 million barrels per day in 2019 and 11.5 million barrels per day in 2020, the organization said in a monthly report on Thursday.

The output growth forecast is retained at 0.07 million barrels per day in 2019 and at 0.09 million barrels per day in 2020.

The OPEC states increased oil production by 943,000 barrels a day on the month in October to 29.65 million barrels a day, mainly thanks to recovery of production by Saudi Arabia after drone attacks on its oil infrastructure earlier this year, to overfulfil the OPEC+ oil output cut deal by 35% as compared with 174% in September.

Commercial reserves of oil in the countries of the Organization for Economic Cooperation and Development (OECD) amounted to 2.945 billion barrels in September, falling by 23.5 million barrels on the month, according to preliminary data.

The organization retained its forecast for global oil demand growth in 2019 and 2020 at 0.98 and 1.08 million barrels per day, respectively.

OPEC also retained its 2019 forecast for the growth of oil supply by states outside the organization at 1.82 million barrels per day and slightly reduced the 2020 forecast to 2.17 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. In December 2018, the states 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 228,000 barrels per day for Russia, from the level of October 2018. In July, they prolonged the deal until April 2020.

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