Russian oil output stood at 11.21 million barrels per day (bpd) in August, virtually unchanged from July and steady near a post-Soviet high as production curbs were eased, Energy Ministry data showed on Sunday. In tonnes, oil output reached 47.41 million versus 47.429 million in July.
The Organization of the Petroleum Exporting Countries and other leading global oil producers led by Russia agreed in June to ease curbs on output, which had been in place since early 2017, and return to their initial commitments to cut production as oil prices have stabilised and the market reached balance.
Russia had initially agreed to cut its output from 11,247 million bpd, a post-Soviet record high reached in October 2016, the basis for the global Vienna accord. OPEC oil output rose last month to a 2018 high as Libyan production recovered and Iraq’s southern exports hit a record, a Reuters survey found, although a cut in Iranian shipments due to US sanctions limited the increase. (Read more….)