Opec has raised the forecast on growth of global demand for oil in 2017 by 10,000 barrels a day to 96.32 million barrels a day, the organization said in its monthly oil market report for April.

According to the renewed forecast, in 2017, the demand for oil will be 96.32 million barrels per day against 96.31 million barrels per day under the March estimate, reported TASS, citing the Opec report.

"For 2017, oil demand growth is anticipated to be around 1.27 million barrels per day, following an upward revision of 10 million barrels per day," the organization said.

Eleven Opec countries participating in the oil output reduction deal reduced production in March by 1.004 million barrels compared to October 2016, taken as the base level, to 29.761 million barrels per day, the report said.

Thus, Saudi Arabia reduced production by 538,000 barrels to 9,994 million barrels, having fulfilled its quota by 149.5 per cent (468,000 barrels). Iraq, the second largest producer after Saudi Arabia, reduced production by only 159,000 barrels - to 4.402 million barrels (quota 210,000 barrels). The United Arab Emirates reduced production in March by 112,000 barrels - to 2.895 million barrels (quota - 139,000 barrels).

Compared to February, Opec countries reduced production in March by 152,700 barrels, to 31.928 million barrels per day. In particular, Saudi Arabia increased its production in March compared to February by 41,600 barrels, to 9.994 million barrels per day.

Iraq in March reduced production compared to the previous month by 8,500 barrels, to 4.402 million barrels, while the United Arab Emirates reduced production in March by 32,700 barrels, to 2.895 million barrels per day.

The oil production forecast for Russia in 2017 was revised up in April by 10,000 barrels per day and shows growth of 0.06 million barrels per day for a total of 13.94 million barrels per day, Opec said.

"Upward revisions were seen in Russia’s production due to the approval of production ramp ups from the three new projects started up last year including Filanovsky in the Caspian," the Opec report said.

Oil production in Russia was adjusted to 11.15 million barrels per day in March 2017, 60,000 barrels per day lower than January and February, Opec said.