Russian oil dips ahead of OPEC meeting

Russian oil dips ahead of OPEC meeting

Russia’s oil production dipped last month according to new federal data which comes just days ahead of an OPEC summit that is expected to result in another production cut.

Data from November shows Russian output had dropped to 11.369 million barrels per day from 11.41 million bpd in October. Prior to this, production had been increasing steadily for several months as Russia and Saudi Arabia increased output to make up for losses from Iran after US sanctions were imposed on the Middle Eastern nation.

The drop in production comes as Russian energy minister Alexander Novak was reported to be discussing potential oil cuts ahead of the OPEC meeting this weekend.

Although some analysts at Bloomberg have said the reduction was not deliberate but a result of issues with specific oilfields and potentially seasonality.

Last week, Russian President Vladimir Putin said it was “obvious” that Russia should comply with OPEC.

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