UPDATE: IEA downgrades global oil demand to 97.7 mln bpd in 2017

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MOSCOW, Nov 14 (PRIME) -- The International Energy Agency (IEA) downgraded its global oil demand forecast by 0.05 million barrels per day to 97.7 million barrels per day (bpd) in 2017, and by 0.2 million barrels per day to 98.9 million barrels per day in 2018, it said in a monthly report on Tuesday.

The agency also revised down its forecast for oil demand growth by 0.1 million barrels per day both in 2017 and 2018 to 1.5 million barrels per day and 1.3 million barrels per day, respectively mainly thanks to higher crude prices, expectations of a warm winter and revised August and September data, it said.

Russia has reduced liquid hydrocarbon output by 294,000 barrels per day compared to October 2016 to 11.303 million barrels per day to fulfil an oil production cut agreement between OPEC and non-OPEC states by 98% in October and 80% in January-October, the IEA said

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 decreased crude output by 80,000 barrels per day on the month to 32.53 million barrels per day in October, and reduced it by 1.13 million barrels pay day since October 2016 thus meeting the agreement by 96% as output fell in Iraq, Algeria and Nigeria, the IEA said.

The non-OPEC states fulfilled the agreement by 107% in October by cutting production by 587,000 barrels per day from October 2016. Crude output rose by 189,000 barrels per day on the month to 18.272 million barrels per day in October.

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