OPEC says oil output rises by 91,000 bpd on month in December

MOSCOW, Jan 17 (PRIME) -- The OPEC countries increased their oil production by 91,000 barrels per day on the month to 28.97 million barrels per day in December to fulfill the OPEC+ oil production cut deal by 167%, the OPEC said in a monthly report on Tuesday.

OPEC confirmed its outlook for the combined oil production outside the alliance at a rise of 1.9 million barrels per day in 2022 and 1.5 million barrels per day in 2023.

The alliance raised its forecast for the growth of liquid hydrocarbons production in Russia in 2022 by 68,000 barrels to 11 million barrels per day. In 2023, Russia’s liquid hydrocarbons output is to fall by 850,000 barrels per day to 10.2 million barrels per day.

OPEC maintained its global oil demand growth forecast for 2023 at 2.2 million barrels per day to 101.77 million barrels per day.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) went up by 2.7 million barrels on the month in November, but were below the average annual reserve level of 2015–2019 by 173 million barrels.

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