Russian Oil Output Falls in March

Russian oil output was 11.05 million barrels per day in March, down 200,000 bpd from October— the baseline for a global deal to curb oil production and in line with a government promise, Energy Ministry data showed on Sunday. The Organization of Petroleum Exporting Countries and 11 other oil producers led by Russia, agreed in December to cut their combined output by almost 1.8 million bpd from October to reduce bloated global inventories and support weak oil prices, Reuters reported. Russian Energy Minister Alexander Novak has said Russia would cut its oil output by 200,000 bpd by the end of the first quarter and by 300,000 bpd by the end of April. The accord is effective until the end of the first half of the year, and OPEC and non-OPEC producers will look at extending the deal by six months. OPEC is scheduled to hold its semi-annual meeting on May 25 and a meeting with non-OPEC producers will also be held around this date.