OPEC says Russia’s 2018 oil output to fall to 11.03 mln bpd

MOSCOW, Nov 13 (PRIME) -- OPEC has maintained its forecast for Russia’s oil and gas condensate output in 2017 at 11.04 million barrels a day, while in 2018, it will continue falling by 10,000 barrels a day to 11.03 million barrels a day, the cartel said in a report Monday.

OPEC states decreased oil production by 150,900 barrels a day to 32.589 million barrels a day in November, OPEC also said.

Oil production increased in Angola, Libya and Saudi Arabia and fell mainly in Iraq, Nigeria, Venezuela, Algeria, and Iran, the report said.

OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries including Russia agreed to cut their combined output by 558,000 barrels. The agreement was concluded for January–June and prolonged for nine more months in May.

OPEC also raised its forecast for global oil demand in 2017 by 74,000 barrels a day to 96.94 million barrels a day.

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