Russian Oil Output Rises to Record as OPEC Cuts Rolled Back

Russia’s production exceeded the previous high of 11.247 million barrels a day reached two years ago
Russian Oil Output Rises to Record as OPEC Cuts Rolled Back
02 October 17:17 2018 Print This Article

 

Russia’s oil production rose to a post-Soviet high last month as the country completely rolled back the output cuts it had agreed on with OPEC, then pumped some more.

The country produced a record 11.356 million barrels of oil and condensate a day in September, according to data released Tuesday by the Energy Ministry’s CDU-TEK statistical unit. That’s an increase of almost 150,000 barrels a day from August and follows Russia’s June agreement with OPEC to boost supplies amid climbing prices.

OPEC itself raised output by 30,000 barrels a day last month as deepening losses in Iran were countered by other members, a Bloomberg survey showed.

Russia’s production exceeded the previous high of 11.247 million barrels a day reached two years ago. That shows the country has completely erased its 300,000-barrel-a-day cut agreed on with the Organization of Petroleum Exporting Countries in 2016, and has added over 100,000 barrels a day more.

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