Russian oil output stood at 11.34 million barrels per day (bpd) in February, dow...
MOSCOW - Russian oil output stood at 11.34 million barrels per day in February, down some 75,000 barrels per day from the October level, the baseline for a global deal, but still missing the accord target, Energy Ministry data showed on Saturday.
This was also down from 11.38 million bpd in January. In tonnes, oil output reached 43.303 million versus 48.113 million in January. The production data was in line with what a source told Reuters on Friday. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed to cut their combined oil output by 1.2 million bpd starting from Jan. 1 to evenly balance the market and prop up weak oil prices.Russian Energy Minister Alexander Novak said on Friday that Russia cut its oil output by 97,000 bpd in February from October. He has said Russia would reach its reduction target during the first quarter.
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