Russian daily oil output edges up in 2017 to 30-year high

3 Jan 2018   Oil Supply, Russia

Russian oil production has continued to grow in 2017, with average daily output at a 30-year high of 10.98 million barrels per day, though the pace of growth slowed from 2016 because of the country‚Äôs participation in an OPEC-led global supply pact. The Middle East-dominated Organization of the Petroleum Exporting Countries and other leading oil producers agreed to cut their combined oil production by almost 1.8 million barrels per day (bpd) from the start of 2017 to prop up prices. Russia said it would cut its output by 300,000 bpd from the 30-year monthly high of 11.247 million bpd hit in October 2016 and achieved the targeted cut by the second quarter. OPEC and Russia have subsequently agreed to extend the cuts for the whole of 2018. Russian energy ministry data showed that oil and gas condensate production stood at 10.95 million bpd in December, up […]

Comments are closed.