UPDATE: OPEC upgrades global crude demand outlook to 95.81mln

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MOSCOW, Feb 13 (PRIME) -- The Organization of Petroleum Exporting Countries (OPEC) has upgraded global oil demand outlook for 2017 by 0.22 million barrels per day, to 95.81 million barrels per day compared with a January outlook, the organization said in its February Oil Market report on Monday.

The international oil demand growth was upgraded by 35 barrels per day to 1.19 million barrels per day due to a colder than expected weather and good car sales data in the Organization for Economic Co-operation and Development states. The world oil demand is now anticipated to increase by 1.19 million barrels per day to 95.81 million barrels per day.

The organization also revised Russia’s 2017 GDP growth estimate up to 1.0%.

Russia’s oil production declined by 120,000 barrels per day in January 2017 to 11.19 million barrels per day, the statement said. Russia’s oil supply outlook for 2017 was revised down by 30,000 barrels per day compared with a January outlook to 11.03 million barrels per day.

According to sources, OPEC crude oil production decreased by 890,000 barrels per day in January from December to 32.139 million barrels per day. Crude oil output decreased the most in Saudi Arabia, Iraq and the United Arab Emirates, while production in Nigeria, Libya and Iran increased. This means the Vienna oil production cut agreements has been implemented by 90%.

For further details, see the company’s statement on the official Web site:

http://www.opec.org/opec_web/static_files_project/media/downloads/publications/MOMR%20February%202017.pdf

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