Russian output down, but misses January target

Russian output down, but misses January target

Russia’s oil production fell by 35,000 barrels per day from October 2018 levels to 11.38 million bpd, down from 11.45 million bpd in December, although missed its global deal commitments.

Russian Energy Minister Alexander Novak said Russia’s total cuts would amount to 50,000 bpd between October 2018 and January of this year.

OPEC and its allies agreed to a deal to cut their combined output by 1.2 million bpd in a bid to support oil prices and balance the market, of which Russia pledged to cut 230,000 bpd during the first quarter.

Last month, Russia said weather and geographical conditions meant it would have to gradually reduce its production, which has resulted in a rebuke from OPEC leader Saudi Arabia.

A Reuters survey found that OPEC oil supply has dropped by the largest amount in two years.

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