Russian oil production cutting drive stalled in February


Russian oil production cutting drive stalled in February

Russia’s oil output was unchanged in February from January at 11.11 million barrels per day (bpd), signalling a pause in Moscow’s efforts to curb production as part of a global deal, Energy Ministry data showed on Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia, agreed to reduce their total oil output by almost 1.8 million bpd in the first half of this year in order to support weak prices of oil, their key source of revenues. Of that, Russia pledged to cut 300,000 bpd, while reaching that mark gradually with 200,000 bpd of reduction in the first quarter.

This is compared to output of more than 11.2 million bpd in October, taken as the baseline for the global deal on oil production cuts. In January, Russia cut output by around 100,000 bpd month-on-month, its first reduction since August. In tonnes, oil output reached 42.434 million in February versus 46.992 million in January. Read More…

Credit By : Energy.Economictimes.Indiatimes.com

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