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OPEC nations lower oil production by 1.08 mln barrels per day in January

February 13, 2017, 15:24 UTC+3

Oil production largely declined in Saudi Arabia, Iraq and the UAE, according to the OPEC report

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MOSCOW, February 13. /TASS/. Oil production by OPEC countries declined by 1.08 mln barrels per day against last October taken as the baseline in the production cut agreement and reached 32.14 mln barrels, OPEC said in its monthly report.

OPEC oil production dropped by 890,000 barrels daily month-on-month to 32.14 mln barrels per day, the Organization said. Oil production largely declined in Saudi Arabia, Iraq and the UAE, while production was growing in Nigeria, Libya and Iran, the OPEC reported.

According to OPEC data, its member-countries produced 33.64 mln barrels of oil per day in October 2016.

OPEC revised downward the Russia’s oil production outlook by 30,000 barrels daily against the prior estimate, the organization said in its monthly report.

"Downward revisions were seen in Russia’s production in line with its announced production adjustments," the OPEC said. Russia’s oil supply is expected to be 11.03 mln barrels per day in 2017 in average, the organization reported.

Russia reduced oil production by 120,000 barrels per day to 11.19 mln barrels daily in January 2017, the OPEC said. Production in Russia grew in average by 250,000 barrels per day to 11.08 mln barrels daily in 2016, it reported.

OPEC also revised upward its global oil demand growth outlook by 35,000 barrels per day in 2017.

"In 2017, world oil demand growth is seen to reach" 1.19 mln barrels per day in accordance with the revised outlook, the OPEC said. The world’s oil demand has been increased to 95.81 mln barrels per day in 2017, the organization reported.

"Product markets in the Atlantic Basin received support in January from the top of the barrel on the back of higher export opportunities in gasoline and naphtha. This, along with the positive performance at the bottom of the barrel, allowed refinery margins to remain healthy. Meanwhile, margins in Asia strengthened on the back of firm regional demand," the OPEC said. Furthermore, "freight rates rose in January, despite a general decline in chartering activity," the organization reported.

"In 2017, oil demand growth is assumed to remain healthy," the OPEC said.

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