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World oil prices

OPEC downgrades outlook for Russia’s 2017 oil output

MOSCOW, June 13. /TASS/. OPEC has revised its outlook for oil production in Russia in 2017downwards by 117,000 barrels per day in comparison with its previous estimate to 11.04 mln barrels per day, according to the organization’s June report.

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Chairman of Saudi Aramco on meeting with Putin, travelling to Arctic and OPEC deal

Thus, OPEC expects Russia’s oil production to be by 40,000 barrels per day lower inn2017 than in 2016.

According to the report, the revision was due to the correction of the forecast in the second half of the tear after the extension of the oil production cut agreement.

Global demand

According to the report, the OPEC keeps its global oil demand outlook for this year at the level of 96.38 mln barrels per day. At the same time, the projected oil demand growth is kept at the level of 1.27 mln barrels per day.

Demand for OPEC oil in 2017 will be 300,000 barrels daily higher than in the last year and will amount to 32 mln barrels per day.

In December 2016, OPEC and 11 countries outside the cartel agreed to withdraw 1.8 million barrels per day from the oil market in the first half of 2017. The goal of the alliance is to reduce global oil reserves to an average level of five years.

On May 25, OPEC and non-OPEC countries agreed in Vienna to extend the existing level of oil production cut (1.8 mln barrels daily) until April 2018. The quota of oil output cut by the OPEC countries and 11 independent oil producers remained the same - 1.8 million barrels per day (Russia accounts for 300,000 barrels).

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