UPDATE: Report: Russia cuts Jan daily oil output 0.86% on mth, rises on yr

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MOSCOW, Feb 2 (PRIME) -- Russia’s average daily oil output fell 0.86% on the month but rose 1.84% on the year to 11.11 million barrels in January, Bloomberg reported Monday citing data of CDU-TEK, which provides data and analysis to the Energy Ministry.

The combined oil production in Russia reached 46.99 million tonnes in January.

Russia’s average daily oil exports grew 2.7% on the year and 2.07% on the month to 5.53 million barrels in January, with combined exports reaching 23.4 million tonnes.

The average daily output of natural gas rose 6.4% on the year but fell 0.73% on the month to 2.13 billion cubic meters. The combined gas output amounted to 66.1 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 January–June 2017 at a meeting on November 30, 2016. Russia joined the agreement on December 10, 2016 with a promise to cut output by 300,000 barrels daily. On Wednesday, Energy Minister Alexander Novak said Russia has already reduced its production by 117,000 barrels a day.

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