Russian Oil Output Down 307,600 Bpd

2 Aug 2017   Russia

Russian oil output is down 307,600 barrels per day, compared to October levels, according to the country’s oil minister. “At the end of July 2017, the reduction of oil production stood at 307,600 barrels a day as compared to October 2016,” Minister Alexander Novak told reporters. “Therefore Russia is meeting is obligations on lowering production.” Novak was referring to the promise Moscow made to OPEC and 10 other NOPEC nations in November to cut production by 300,000 bpd in an effort to rebalance oil supply wth demand. A week ago, Novak had said Russian cuts totaled 308,000 bpd in June. OPEC and non-member partners agreed to extend the agreement through March 2018 in late May, but the news has not translated to substantially higher barrel prices. High output from Libya, Nigeria, and the United States has offset the intended effect of the cartel’s production cuts. Nigeria recently announced its […]

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