Russia’s compliance with OPEC+ deal at 86% in November

MOSCOW, Dec 14 (PRIME) -- Russia produced 9.28 million barrels of oil per day in November complying with the OPEC+ oil output reduction deal by 86%, OPEC said on Monday in its monthly report.

The country’s liquid hydrocarbon output rose by 20,000 barrels per day on the month to 10.13 million barrels per day in November, OPEC said citing preliminary results.

OPEC has raised its forecast for Russia’s liquid hydrocarbon output in 2020 by 40,000 barrels per day and now expects it to fall by 1.05 million barrels per day on the year to 10.39 million barrels per day. In 2021, the output is projected to decrease by 0.15 million barrels per day to 10.24 million barrels per day.

OPEC states raised their oil production by 710,000 barrels per day to 25.11 million barrels per day in November, and their compliance with the OPEC+ deal remained at 104%.

OPEC slightly improved its forecast for global oil demand in 2020 and now expects it to fall by 9.77 million barrels per day to 89.99 million barrels per day. In 2021, global demand for oil is projected to increase by 5.9 million barrels per day.

End