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OPEC raises its forecast on global demand for oil

April 12, 14:17 UTC+3 MOSCOW

In 2017, the demand for oil will be 96.32 mln barrels per day

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© EPA/SERGEY DOLZHENKO

MOSCOW, April 12. /TASS/. OPEC has raised the forecast on growth of global demand for oil in 2017 by 10,000 barrels a day to 96.32 mln barrels a day, the organization said in its April report.

According to the renewed forecast, in 2017, the demand for oil will be 96.32 mln barrels per day against 96.31 mln barrels per day under the March estimate.

"For 2017, oil demand growth is anticipated to be around 1.27 mln barrels per day, following an upward revision of 10 million barrels per day," the organization said.

Eleven OPEC countries participating in the oil output reduction deal reduced production in March 2017 by 1.004 mln barrels compared to October 2016, taken as the base level, to 29.761 mln barrels per day, the report said. 

Thus, Saudi Arabia reduced production by 538,000 barrels to 9,994 mln barrels, having fulfilled its quota by 149.5% (468,000 barrels). Iraq, the second largest producer after Saudi Arabia, reduced production by only 159,000 barrels - to 4.402 mln barrels (quota 210,000 barrels). The United Arab Emirates reduced production in March by 112,000 barrels - to 2.895 mln barrels (quota - 139,000 barrels).

Compared to February, OPEC countries reduced production in March by 152,700 barrels, to 31.928 mln barrels per day. In particular, Saudi Arabia increased its production in March compared to February by 41,600 barrels, to 9.994 mln barrels per day. Iraq in March reduced production compared to the previous month by 8,500 barrels, to 4.402 mln barrels, while the United Arab Emirates reduced production in March by 32,700 barrels, to 2.895 mln barrels per day.

Oil production forecast for Russia 

The oil production forecast for Russia in 2017 was revised up in April by 10 thousand barrels per day and shows growth of 0.06 mln barrels per day for a total of 13.94 mln barrels per day, the OPEC said.

"Upward revisions were seen in Russia’s production due to the approval of production ramp ups from the three new projects started up last year including Filanovsky in the Caspian," the OPEC said.

Oil production in Russia was adjusted to 11.15 mln barrels per day in March 2017, 60,000 barrels per day lower than January and February, the OPEC said.

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