Russia’s Oil Output Remains Flat At 10.91 Million Bpd

3 Oct 2017   Russia

Russia’s crude oil production was flat at 10.91 million bpd in September compared to August—staying at the lowest levels for 2017, as maintenance at some fields affected production, according to data by the Russian Energy Ministry compiled by Reuters. Russia’s August and September oil production level was the lowest since the 10.71 million bpd it produced in August 2016. The daily oil production in September 2017 was down by 3 percent compared to the October 2016 levels, which OPEC and non-OPEC countries part of the production cut deal had used as the baseline for the reductions. Non-OPEC Russia, like OPEC’s de facto leader Saudi Arabia and most of the other cartel members, entered the joint deal at a very high level of production, which took much of the sting out of the cuts. In the last quarter of 2016, Russia’s production hit a post-Soviet era high , while year […]

Comments are closed.