UPDATE: IEA: Russia fulfils OPEC+ oil cut deal 106% in September

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MOSCOW, Oct 12 (PRIME) -- Russia reduced liquid hydrocarbon output by 318,000 barrels per day from October 2016 to 11.279 million barrels per day to fulfil an oil production cut agreement between OPEC and non-OPEC states by 106% in September and 78% in January-September, the International Energy Agency (IEA) said in a monthly report on Thursday.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June and was prolonged for nine more months in May.

The OPEC states increased crude output by 10,000 barrels per day on the month to 32.65 million barrels per day in September, and have reduced it by 1.04 million barrels pay day since October 2016 thus meeting the OPEC+ agreement 88%.

A rise in production in Libya and Iraq was offset by a decline in Venezuela.

The non-OPEC states fulfilled the agreement by 125% in September by cutting oil production by 685,000 barrels per day from October 2016. Crude output rose by 2,000 barrels per day on the month to 18.203 million barrels per day in September.

The IEA also confirmed its forecast that global demand for crude will rise by 1.6 million barrels per day to 97.7 million barrels per day in 2017, and to 99.1 million barrels per day in 2018.

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