"For 2017, non-OPEC oil supply is now projected to grow by 0.12 mb/d, down by 0.18 mb/d from the December MOMR [Monthly Oil Market Report] due to lower expectations for Russia, Kazakhstan, China, Congo and Norway, to average 57.26 mb/d," the report reads.
According to the cartel, the revision of production figures partially resulted from the December 10 decision of 11 non-OPEC countries, including Russia and Kazakhstan, to contribute to the cartel’s oil production cuts in the first half of 2017.
"Non-OPEC supply adjustment commitments are somewhat challenging for those countries [participating in the oil output cut deal], however, initial reports show positive signs of compliance with pledged production adjustments," the report reads.
In November 2016, OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel starting January 2017. On December 10, 2016, OPEC finished a meeting with non-OPEC countries in Vienna, at which 11 non-OPEC countries decided to cut oil output by 558,000 barrels per day, with Russia cutting the output by 300,000 barrels per day from January 2017.
Eleven non-cartel members participating in the oil output cut deal are Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan.
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