• August 12, 2017
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OPEC raised the forecast of oil production in Russia by 40 thousand barrels per day

MOSCOW, August 10. /TASS/. The organization of countries – exporters of oil (OPEC) raised the forecast of oil production in Russia to 2017 40 thousand barrels per day compared to the previous assessment – to 11.11 million barrels per day, from the August report.

Thus, the cartel expects oil production in Russia in 2017 will be 30 thousand barrels per day above the level of 2016

In addition, in 2018, OPEC predicts oil production growth in Russia to 130 thousand barrels a day regarding 2017 to 11.24 million barrels per day.

The organization also raised its forecast for the volume of world oil demand in 2017 by 110 thousand barrels per day – up to 96,49 million barrels. While OPEC raised its forecast for growth in global demand in 2017 to 100 thousand barrels per day to 1.37 million barrels.
World oil demand in 2018, expects OPEC will be at 1.28 million barrels per day higher than in the current year, and the amount of 97.8 million barrels.

The demand for oil of OPEC countries in 2017 will be 400 thousand barrels per day higher than in 2016, and will reach a total of 32.4 million barrels. In 2018 the figure will not change and will amount to 32.4 million barrels per day.

Increase production

Fourteen member countries of OPEC in July 2017 increased oil production by 172,6 thousand barrels per day compared to June to 32.87 million, exceeding thus to 370 thousand barrels a target level, confirmed in may this year in the amount of 32.5 million barrels, according to the report.

12 countries participating in the agreement on production cuts (including the newly adopted Equatorial Guinea, but without taking into account not involved in the reduction of Libya and Nigeria) was extracted in July 30,12 million barrels. It’s by 0.65 million barrels per day lower than in October, adopted the baseline in the transaction to reduce when participating agreement extracted 30,769 million barrels. Thus under the deal, they pledged to cut production by 1.2 million barrels.

OPEC production in July rose mainly due to growth in Libya, Nigeria and Saudi Arabia. The decreased production in Iraq, Angola and Venezuela, the report says OPEC. So, Libya in July has increased production by 154,3 thousand barrels to 1 million, Nigeria – by 34.3 thousand to 1.75 million, the Largest exporter in OPEC – Saudi Arabia has increased production in July at 32 thousand barrels – up to 10,067 million as Production grew and the other members of OPEC – Ecuador, Equatorial Guinea, Gabon, Iran and Qatar.

Heaviest production in July decreased Iraq by 33 thousand barrels – up to 4.47 million, Angola reduced production at 19.3 thousand barrels to 1.65 million, Venezuela – by 15.8 thousand barrels – up to 1.93 million barrels. Production was down in July, also in Kuwait and in the UAE.

Mining in Saudi Arabia in July was established at the level of 10,067 million barrels, which is 465 thousand barrels less than in October – thus, the Kingdom adheres to its quota, which is 468 thousand barrels, almost 100%. Production in Iraq amounted to 4,468 million barrels, which is 93 thousand barrels less than in October (the quota of 210 thousand). Iran, which under the terms of the transaction allowed to increase the average daily production in the range of 90 thousand barrels, has increased production to 134 thousand barrels. Venezuela reduced production to 1,932 million barrels, which is 135 thousand less than in October (the quota of 95 thousand).

According to the forecast, countries outside OPEC will increase the supply of their oil production in 2018 by 1.1 million barrels to the level of 2017 – to 58,87 million barrels per day, slightly lower than the expected growth in demand. Including the supply of oil from the United States, according to the forecast, OPEC will increase in 2018 to 840 thousand barrels per day to the level of 2017 to 15.13 million