OPEC Deal Pushes Russian Oil Output Down 1.6 Percent From Peak
(Bloomberg) -- Russia cut its crude production in March, moving closer to fulfilling its agreement with OPEC as the deadline approaches.
Production of crude and condensate fell to 11.05 million barrels a day, down 1.6 percent from Russia's post-Soviet high of 11.23 million barrels in October, according to data from the Energy Ministry's CDU-TEK statistics unit. Russia has committed to reducing supply by as much as 300,000 barrels a day by the end of this month.
Russia is the largest of the 11 non-OPEC producers cooperating with the Organization of Petroleum Exporting Countries to reduce oil supplies by a combined 1.8 million barrels a day to neutralize a global glut. Brent crude closed Friday at $52.83 a barrel, up 19 percent from its November low before the deal was announced.
Five OPEC members have signaled their support for extending the six-month deal, along with non-member Oman, which also joined the agreement on output cuts reached in December. Russia needs more time to assess the market before committing to an extension, Energy Minister Alexander Novak said in an interview with Bloomberg television last week.
Russia plans to hold an energy dialogue meeting with OPEC in Moscow on May 31.
To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net.
To contact the editors responsible for this story: Torrey Clark at tclark8@bloomberg.net, Kevin Costelloe, Hannah Benjamin
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