UPADTE: Report: Russia’s average oil output falls 0.7% to 11 mln bpd Mar

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MOSCOW, Apr 2 (PRIME) -- Russia’s average daily oil output fell 0.7% on the year to 10.969 million barrels in March, Bloomberg reported on Monday citing data of the Central Dispatching Department of Fuel Energy Complex (CDU TEK).

Output rose 0.1% on the month, Bloomberg reported.

Average daily exports of Russian oil fell 1.3% on the month to 5.366 million barrels in March.

Output of natural gas went up 14.1% to 65.675 billion cubic meters in the month.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. 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 concluded for January–June 2017 and was prolonged for nine more months in May.

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