Russia’s Oil Output Rises

Russian oil output rose to 10.94 million barrels per day in November from 10.93 million bpd in October, its energy ministry data showed on Saturday. In tons, oil output fell to 44.78 million versus 46.23 million in October, and Russia remains in compliance with a global deal to curb production aimed at reducing inventories and supporting oil prices, Reuters reported. The latest figures show Russia cut its oil output by around 307,000 bpd from the 11.24 million bpd it produced in October 2016, the baseline for the global agreement to reduce output. Russia agreed to reduce its oil output by 300,000 bpd from that level as part of a pact led by producers from the Organization of Petroleum Exporting Countries to jointly cut output by 1.8 million bpd. OPEC and non-OPEC producers agreed on Thursday to extend their output cuts until the end of 2018. Russian Energy Minister Alexander Novak has said Russian oil production would remain flat at 547 million tons in 2018.