Official: Russia’s oil production falls 2.16% from October 2016

MOSCOW, Apr 18 (PRIME) -- Russia’s oil production has contracted by 2.16% as of now compared with October 2016, Deputy Energy Minister Kirill Molodtsov told reporters on Tuesday.

“As of today, contraction from the initial period, or as compared to October, exceeds 2.16%,” he said.

In October, Russia’s daily oil production amounted to 11.247 million barrels translating into an output fall of 242,000 barrels to 11.005 million barrels a day as of today.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December, 11 non-OPEC countries agreed to cut their combined oil output by 558,000 barrels, including Russia slashing the production by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June 2017 with potential prolongation.

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