Report: Russian oil output rises 3.9% to 11.376 mln bpd in Jan

MOSCOW, Feb 4 (PRIME) -- Russia’s average daily oil output rose 3.9% on the year and fell 0.7% on the month to 11.376 million barrels in January, Bloomberg reported on February 2 citing CDU-TEK, which provides data and analysis to Russia’s Energy Ministry.

From the level of October 2018, which had stood at 11.418 million barrels per day, oil output fell by an average of 42,000 barrels per day in January.

Gas output grew 3.1% on the year to 67.427 billion cubic meters.

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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