01:33 GMT12 May 2021
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    The Organization of the Petroleum Exporting Countries (OPEC) has revised upwards its expectations for Russia’s crude and condensate output this year amid global oil demand growth, according to the organization's monthly report.

    MOSCOW (Sputnik) — OPEC has revised upwards its expectations for Russia’s crude and condensate output this year by 0.04 million barrels daily (mb/d) to amount 11.11 mb/d, the organization said Thursday in the report.

    "Russian crude and condensate output in July was reported at the same level of June’s production at 10.95 mb/d, according to preliminary energy ministry data released in the first week of August… It is expected that the country’s 2017 liquids production (including NGLs [natural gas liquids]) will average 11.11 mb/d, indicating a growth of 30 tb/d [thousand barrels daily], y-o-y [year-over-year]," the organization’s August report reads.

    The report reads that the global oil demand growth for this year was also slightly revised.

    "World oil demand growth in 2017 now stands at 1.37 mb/d following an upward revision of 100 tb/d due to better-than-expected performance from the OECD region in the 2Q17. Total oil demand is now pegged at 96.5 mb/d," the OPEC said.

    In 2018, the global oil demand is expected to hit a new record, the paper said, with production reaching 97.8 million barrels daily (mb/d). At the same time, the 2018 forecast for Russia’s crude production remains unchanged, standing at 11.24 million barrels daily.

    "In 2018, world oil demand is projected to grow by 1.28 mb/d from 2017 levels, marginally higher than last month’s reports. This means that total oil consumption is anticipated to hit a new record high of 97.8 mb/d in 2018," the organization's August report reads.

    In 2016, OPEC reached an agreement in the Austrian capital of Vienna to reduce daily oil production during the first half of 2017 in an effort to boost global oil prices. The agreement was also supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day, with Russia pledging to cut production by 300,000 barrels daily. In May, the deal was extended by nine months and is now valid until the end of March 2018.


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