OPEC says raises Russia’s oil output forecast for 2018, 2019

MOSCOW, Dec 12 (PRIME) -- OPEC raised forecasts for liquid hydrocarbon production in Russia to 11.33 million barrels per day from 11.24 million barrels per day in 2018, and to 11.44 million barrels per day from 11.24 million barrels per day in 2019, OPEC said in a report on Wednesday.

The organization also raised forecast for Russia’s output in October–December by 360,000 barrels per day from 11.55 million barrels per day.

In November, Russia’s oil production fell by 40,000 barrels of oil per day on the month to 11.57 million barrels per day, OPEC said citing preliminary data.

OPEC states reduced oil production by 11,000 barrels a day in November to 32.965 million barrels a day. Oil production grew the most in Saudi Arabia, the United Arab Emirates (UAE) and Kuwait whereas it fell in Iran, Venezuela, Iraq and Nigeria.

The organization confirmed its forecast for oil demand growth at 1.5 million barrels per day in 2018, and 1.29 million barrels per day in 2019. It also projected a 2–3% rise of China’s demand for oil to 12.71 million barrels per day in 2018 and 13.05 million barrels per day in 2019.

OPEC’s forecast for oil production by states outside the organization rose by 0.19 million barrels per day to 2.5 million barrels per day in 2018, and declined by 0.08 million barrels per day to 2.16 million barrels per day in 2019.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. Earlier in December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018.

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