IEA says Russia’s oil output falls by 80,000 bpd in February

MOSCOW, Mar 15 (PRIME) -- Russia’s oil production fell by 80,000 barrels per day on the month in February to 11.67 million barrels per day, which indicates a 36% fulfillment of the OPEC+ agreement, the International Energy Agency (IEA) said in a report on Friday.

Oil output by the OPEC states fell by 240,000 barrels per day on the month to 30.68 million barrels per day. Non-OPEC states reduced liquid hydrocarbons production by 200,000 barrels per day to 18.6 million barrels per day in the period.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018.

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