OPEC says raises 2017, 2018 oil demand outlooks

MOSCOW, Oct 11 (PRIME) -- OPEC has raised its 2017 outlook for international demand for oil by 30,000 barrels per day to 96.8 million barrels, which is a 1.45 million barrel increase compared with 2016 and boosted its estimate for the 2018 demand by 60,000 barrels per day to 98.19 million barrels, it said in a report on Wednesday citing unofficial and secondary sources.

The cartel also said that it increased daily oil output by 88,500 barrels on the month to 32.748 million barrels in September, meaning that compliance with an oil output reduction deal stood at 99%.

The 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.

Compared with October 2016, OPEC states reduced an average daily oil production in September 2017 by 1.256 million barrels against a promised amount of 1.266 million barrels. “Crude oil output increased in Libya, Nigeria, Iraq and Gabon, while production showed declines mainly in Venezuela,” the organization said.

OPEC decreased its forecast for Russia’s daily production of oil and condensate in 2017 by 80,000 barrels to 11.04 million barrels, down 40,000 barrels on the year. In 2018, oil production will continue to decline and amount to 11.03 million barrels a day, down from 11.18 million barrels expected by the organization previously.

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