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Russian oil production flat, showing apparent adherence to supply pact

Published 02/02/2018, 03:19 PM
© Reuters.  Russian oil production flat, showing apparent adherence to supply pact
  • Russian oil production totaled 10.95M bbl/day in January, virtually unchanged from December, as increases at foreign-led projects outweighed declines at Rosneft (OTCPK:RNFTF) and Lukoil (OTCPK:LUKOY), according to Reuters data.
  • The amount roughly matched Russia’s pledge to cut output by 300K bbl/day from the record 11.24M bbl/day reached in October 2016 as part of the deal with OPEC to reduce inventories and support oil prices.
  • According to Russian Energy Ministry data, Russian output reached 46.31M metric tons last month vs. 46.32M in December; production was supported by a 10%-plus increase in foreign projects to 1.54M metric tons in January.
  • Now read: Exxon Mobil (NYSE:XOM): Perfect Storm Creates Buying Opportunity For Big Oil


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