Report: Russian oil output down by 281,000 bpd from Oct 2016 in May

MOSCOW, Jun 4 (PRIME) -- Russia’s average daily oil output rose 0.1% on the year to 10.966 million barrels per day in May, and fell by 281,000 barrel per day as compared with October 2016, Bloomberg reported on June 2 citing CDU-TEK, which provides data and analysis to Russia’s Energy Ministry.

The output remained flat in month-on-month terms.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was prolonged until the end of 2018 in November 2017.

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