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Russian oil output cut by 124,000 b/d in February: Interfax

Russian oil output

Russian oil output is expected to drop by 200,000 b/d in 2017 Q1, compared to October’s levels. Bashneft photo.

Russian oil output cut part of OPEC supply deal

MOSCOW, Feb 28 (Reuters) – Russian oil output was cut by around 124,000 barrels per day (b/d) in February 1-27 from the October level and compared with a reduction of 117,000 b/d in January, Interfax news agency reported, citing a source familiar with the data.

Russia has said it will cut output by 200,000 b/d by the end of the first quarter compared with October’s levels, used as the base for the OPEC-led agreement on oil output cuts designed to boost prices. It has also said it will cut by a further 300,000 b/d in April.

Russia’s total oil production for the first 27 days of February was 40.9 million tonnes (11.06 million barrels per day), Interfax said.

Russian Energy Minister Alexander Novak said on Monday the country could cut production faster than it had previously expected.

The deal between the Organization of the Petroleum Exporting Countries and other oil producers in December envisages total cuts of around 1.8 million b/d during the first half of the year. There has been a debate on whether the cuts should be extended in the second half of 2017.

(Reporting by Vladimir Soldatkin; writing by Polina Devitt; editing by Aleksandar Vasovic and Susan Thomas)

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