OPEC raised the forecast of oil production in Russia in 2017

MOSCOW, July 12. /TASS/. The organization of countries – exporters of oil (OPEC) raised the forecast of oil production in Russia in 2017, by 30 thousand barrels per day compared to the previous assessment – to 11.07 million barrels per day, from the July report.

Thus, OPEC expects oil production in Russia in 2017 will be 10 thousand barrels per day below the level of 2016.

The organization’s experts draw attention to the fact that in 2015 and 2016 significantly higher costs and greater drilling activity, which led to growth of Russian oil output. Now, due to the extension of the agreement on production cuts, Russia will hold back production until the end of the first quarter of 2018, and then 2018, the production volume will grow by 170 thousand barrels per day compared with the figure for 2017 and reach of 11.24 million barrels per day.

Mining in Saudi Arabia

The report also notes that oil production in Saudi Arabia rose in June 2017, compared to 51.3 thousand barrels a day to 9.95 million barrels a day.

In General, production 14 of OPEC countries increased in June compared to may on 393,5 thousand barrels per day and reached 32,611 million barrels per day. The highest growth of oil production in June was recorded in Libya, Nigeria, Angola, Iraq and Saudi Arabia.

Saudi Arabia – the largest oil exporter in OPEC, and shall be primarily responsible for the reduction of oil production in the OPEC agreement+. Her quota is 486 thousand barrels a day.

In an interview with TASS, the Minister of energy, industry and mineral resources of Saudi Arabia Khaled bin Abdul Aziz al-Faleh had previously reported that the Kingdom will continue to maintain production at a level below 10 million barrels per day, thereby exceeding its obligations.

Forecast global demand

OPEC has kept the Outlook on the volume of world oil demand in 2017 at the level 96,38 million barrels per day. While OPEC has kept its forecast for growth in world demand in 2017 for $ 1.27 million barrels per day. World oil demand in 2018, according to the forecast of the cartel, will be in 1.26 million barrels per day higher than in the current year, and will amount to 97.6 million barrels per day.

The demand for oil of OPEC in 2017, according to the forecast organization, will be 300 thousand barrels per day higher than in 2016, and will reach 32.3 million barrels per day, and in 2018 the figure will be 32.2 million barrels per day.