Report: Russia cuts oil output by 0.02% on month in December

MOSCOW, Dec 30 (PRIME) -- Russia’s average daily production of oil and condensate fell 0.02% on the month to 11.208 million barrels in December, Bloomberg reported on Friday citing preliminary data of the Energy Ministry.

In November, Russia’s daily oil production stood at 11.211 million barrels.

OPEC and 11 non-OPEC countries, including Russia, agreed on December 11 to cut combined oil production by 1.8 million barrels a day in January–July 2017 in order to balance supply and demand. OPEC will reduce output by 1.2 million barrels daily, while Russia is to decrease production by 300,000 barrels.

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