MOSCOW (TASS) — Russia and Saudi Arabia, despite decline of oil production under the OPEC+ agreement, which has been operating for three years, have increased their oil revenues, like most countries involved in the transaction, according to the International Energy Agency (IEA) report published on Friday.

Thus, on average, OPEC countries earned $1.9 bln per day this year, which is $350 mln more than in 2016, although production decreased by 3 mln bpd compared to that period, the report said. At the same time, Saudi Arabia’s income grew by $125 mln to $630 mln per day compared to 2016, although its production is 740,000 bpd lower than 2016. Russia’s oil revenues increased by $170 mln to $670 mln per day, although its production decreased by only 75,000&nbsp:bpd from 2016.

The only countries that do not earn more are Iran and Venezuela, since their production, which is under US sanctions, has fallen significantly, according to the IEA. At the same time, the IEA expects that negotiations at OPEC+ on extending agreements after March 2020, scheduled for December 5-6 in Vienna, may not be easy.

Earlier, Head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev estimated the Russian budget revenues from participation in the agreement at more than $100&nbsp:bln during the deal.

OPEC+ countries (24 oil exporting states, including Russia) have been coordinating production management since 2017. The agreement is valid until the end of the Q1 of 2020 and implies a total reduction in oil production by 1.2 mln barrels per day (bpd) against the level of October 2018, including 812,000 bpd by OPEC states and 383,000 bpd by countries outside of OPEC.

The main reduction quotas fall on the largest parties to the agreement — Russia and Saudi Arabia — 228,000 and 322,000 bpd, respectively. At the meeting on December 5-6, 2019, OPEC+ countries will consider the issue of production levels after March 2020.

Oil supply
The growth of crude supply from non-OPEC nations will accelerate to 2.3 mln bpd in 2020 from 1.8 mln bpd in 2019, according to the monthly report by the IEA released on Friday.

Meanwhile, the US’ contribution to the total supply growth will decline from 1.6 mln bp/d in 2019 to 1.2 mln bpd in 2020. The US is expected to be the leading country in terms of growth rates, and a notable increase is also projected in Brazil and Norway, the IEA said, adding that a new producer — Guyana — will also add its barrels to the market.

The growth of global oil demand is expected to speed up from 1.1 mln bpd to 1.9 mln bpd in the fourth quarter of 2019 due to low oil prices and mounting consumption in the US, the report said.

China’s contribution to the oil demand growth was the largest in the third quarter of 2019 — an increase of 640,000 b/d year-on-year, whereas the US demonstrated almost zero growth in three quarters. The IEA projects an increase in demand growth rates to 190,000 b/d in the US and a slowdown to 375,000 bpd in China by the beginning of 2020.

The IEA’s outlook on global oil demand growth for 2019-2020 remained unchanged at 1 mln b/d and 1.2 mln bpd, respectively.

With an annual increase in oil demand of 150,000 bpd, Russia was the second-largest contributor to the global demand growth in the third quarter of 2019 after China, the document stated.