Russia remains world’s biggest oil producer in June

MOSCOW, Aug 31 (PRIME) -- Russia has retained its position of the world’s biggest oil producer in June with an average daily output rising 0.85% on the month to 11.066 million barrels to outstrip the U.S. and Saudi Arabia, according to the Energy Ministry, a report of the U.S. Energy Information Administration (EIA), released on Friday, and OPEC’s August report.

The overall domestic output amounted to 45.292 million tonnes of oil.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

End