Russia’s compliance with OPEC+ deal falls to 88% in July

MOSCOW, Aug 12 (PRIME) -- Russia reduced its oil output by 2.2 million barrels per day under the OPEC+ oil output reduction deal to 8.8 million barrels in July, reducing its compliance with the fell to 88% in the month from 90% in June, OPEC said on Wednesday in its monthly report.

The country’s liquid hydrocarbon output rose by 0.05 million barrels per day on the month to 9.6 million barrels per day.

Compliance with the deal by OPEC states also decreased to 97% in July from 112% in June as the organization’s oil output went up 980,000 barrels on the month to 23.172 million barrels per day.

Non-OPEC reduced their oil output by 6 million barrels a day in total, and countries outside the OPEC+ deal accounted for 4.16 million barrels of the amount.

The world’s combined oil output in July contracted by 9.98 million barrels a day as compared with July 2019 to 88.75 million barrels, but the output is still growing faster than demand for oil.

Commercial reserves of oil and oil products in countries of the Organization for Economic Cooperation and Development (OECD) overshoot their 5-year average figures by 291.2 million barrels in June, growing for the fourth month in a row and adding 24.3 million barrels to 3240 million barrels, OPEC said.

The organization worsened its forecast of global demand for oil by 100,000 barrels, and it now expects demand for oil to fall 9.1 million barrels a day this year to 90.6 million barrels. But in 2021, it should recover by a record amount of 7 million barrels a day.

OPEC also raised the forecast for the world’s combined oil production excluding OPEC, it now expects it to fall by 3.03 million barrels a day in 2020 to 62.11 million barrels a day instead of falling 2.36 million barrels a day. In 2021, it expects the oil output outside OPEC to rise by 980,000 barrels a day to 63.1 million barrels.

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