OPEC says compliance with OPEC+ deal at 122% in April

MOSCOW, Mar 11 (PRIME) -- The OPEC countries raised their oil production by 30,000 barrels per day on the month to 25.08 million barrels per day in April, setting its compliance with the OPEC+ oil output reduction deal at 122% in the month, OPEC said in a monthly report on Tuesday quoting secondary sources.

Compliance was again achieved mainly thanks to Saudi Arabia’s decision to cut output by 1 million barrels per day additionally, which the kingdom has been maintaining since February.

The global oil production decreased by 150,000 barrels per day on the month to 93.06 million barrels per day in April, with production outside OPEC falling by 180,000 barrels to 67.97 million barrels per day.

The organization also maintained its forecast for demand growth in 2021 at 6 million barrels. This means that on the whole demand will amount to 96.5 million barrels per day this year thanks to vaccinations and an ensuing increase in mobility of people. OPEC also reduced its forecast for the increase of oil output outside OPEC by 230,000 barrels to 63.6 million barrels a day in 2021.

The organization also raised the forecast for expansion of output of oil and condensate in Russia, and expects the output to rise by 20,000 barrels per day to 10.61 million barrels in 2021 instead of a growth of 10,000 barrels to 10.60 million barrels.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) went up by 10 million barrels on the month in March, and exceeded 5-year average reserves by 37.8 million barrels.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May 2020 to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. Reduction quotas were adjusted several times, and the reduction target is 6.9 million barrels per day as of April 2021.

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