Russia’s compliance with OPEC+ deal at 90% in September

MOSCOW, Oct 13 (PRIME) -- Russia produced 9.19 million barrels of oil per day in September so its compliance with the OPEC+ oil output reduction deal could amount to 90% in the month, OPEC said on Tuesday 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 OPEC states increased to 104% in September from 101% in August as the organization’s oil output went down by 50,000 barrels on the month to 24.11 million barrels per day.

The world’s combined oil output in September contracted by 0.06 million barrels per day on the month and 7.83 million barrels per day on the year to 90.71 million barrels per day.

Commercial reserves of oil and oil products in countries of the Organization for Economic Cooperation and Development (OECD) fell by 20.7 million barrels per day on the month to 3.204 billion barrels and overshoot the 5-year average by 219.3 million barrels in September.

OPEC reiterated its forecast for a fall in global demand for oil by 9.5 million barrels a day to 90.3 million barrels per day in 2020, and slightly worsened the 2021 forecast to a rise by 6.5 million barrels per day from the previously projected rise by 6.6 million barrels per day.

OPEC also raised the forecast for the world’s combined oil production excluding OPEC in 2020 to a fall by 2.4 billion barrel per day thanks to rapid production recovery in the U.S. The 2021 was decreased to a rise of 0.9 million barrels per day.

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