Russia Oil Output Sets New Record
Russia’s oil production increased to 11.41 million barrels per day in October from 11.36 million bpd in September, setting a new post-Soviet record high as the largest oil companies, Rosneft and Lukoil, raised their output according to data from Russia’s Energy Ministry.
Russia’s oil production in October jumped to 48.262 million tons, the data showed on Friday, or 11.41 million bpd, Oil Price reported.
Rosneft increased oil production by 0.5% month on month in October to 4 million bpd, while Lukoil’s production rose by 0.3% from September to 1.68 million bpd in October.
Russia has been raising its production since OPEC and its Russia-led non-OPEC allies agreed in June to relax compliance rates with the cuts to 100% from the previous over-compliance.
The respective leaders of the OPEC and non-OPEC nations part of the deal—Saudi Arabia and Russia—have been interpreting the eased compliance as adding a total of 1 million bpd to the market.
Russia has already reversed its entire 300,000-bpd cut that was pledged as part of the initial deal and has been adding production in recent months.
Russia’s oil production in October was around 150,000 bpd higher than its October 2016 level—the baseline for the OPEC+ production cut deal, Novak said.
While Russia has been setting post-Soviet records, US crude oil production also broke records, with monthly output exceeding 11 million bpd in August for the first time.
source: Financial Tribune
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