Russia’s compliance with OPEC+ deal at 84% in October

MOSCOW, Oct 13 (PRIME) -- Russia produced 9.32 million barrels of oil per day in October complying with the OPEC+ oil output reduction deal by 84%, OPEC said on Wednesday in its monthly report.

The country’s liquid hydrocarbon output rose by 0.07 million barrels per day on the month to 10.04 million barrels per day.

Compliance with the deal by the OPEC states decreased to 104% in October from 105% in September as the organization’s oil output went up by 320,000 barrels on the month to 24.39 million barrels per day.

The world’s combined oil output in September rose by 0.58 million barrels per day on the month but shrank by 9.25 million barrels per day on the year to 91.17 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 15.3 million barrels per day on the month to 3.179 billion barrels and overshoot a 5-year average by 211.9 million barrels in September.

OPEC worsened its forecast for a fall in global demand by 0.3 million barrels a day to 9.8 million barrels to slightly above 90 million barrels per day in 2020, and slightly worsened the 2021 forecast to a rise by 6.2 million barrels per day from 6.5 million barrels per day.

OPEC also reduced the forecast for the world’s combined oil production excluding OPEC in 2020 to a fall by 2.43 billion barrel per day from the previous estimate of 2.4 million barrels. The 2021 forecast was increased to a rise of 0.95 million barrels per day from 0.9 million barrels. Regarding Russia, the agency expects its oil output to fall by 100,000 barrels per day to 9.5 million barrels next year.

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