Seasonal factors help Russia over-comply with OPEC pledge

15 Sep 2017   Russia

Seasonal factors and maintenance at an Arctic oil field in Russia may be contributing factors to its compliance with an OPEC-led production deal, data show. Russia said oil production declined more than it committed to the Organization of Petroleum Exporting Countries as part of a market balancing effort. Total Russian oil production for the year is holding steady, but still represents a slight increase from the average last year. Calculations from commodity pricing group S&P Global Platts show total Russian oil production for August was down 337,000 barrels per day from the 11.24 million barrels per day in October, the month that OPEC uses to gauge compliance. That means, by Platts’ estimates, Russia is 112 percent in compliance. A report sent to UPI […]

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