OPEC says oil output falls by 191,000 bpd on month in April

MOSCOW, May 11 (PRIME) -- The OPEC countries decreased their oil production by 191,000 barrels per day on the month to 28.6 million barrels per day in April to fulfill the OPEC+ oil production cut deal by 202%, the OPEC said in a monthly report on Thursday.

OPEC maintained its outlook for the combined oil production outside the alliance at 67.2 million barrels per day in 2023.

The alliance also kept its 2023 forecast for a fall in Russia’s liquid hydrocarbons production at 750,000 barrels per day, production should amount to 10.3 million barrels per day this year.

OPEC maintained its global oil demand growth forecast for 2023 at 2.3 million barrels per day, and it should amount to 101.9 million barrels per day.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) fell by 31.7 million barrels on the month in March, and were below the average reserve level of 2015–2019 by 34 million barrels.

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