Russia Cuts Oil Production To 11.1 MMbpd In Feb
MOSCOW, March 1 (Reuters) - Russian oil production fell in February to slightly above 1.515 million tons per day, or 11.10 million barrels per day (bpd), down from a level of 11.247 million bpd reached in October, two sources familiar with the data told Reuters on Wednesday.
October production statistics were used as the baseline for a global deal to reduce oil output in order to support weak oil prices. Reuters uses tons/barrels ratio of 7.33.
In January, Russian oil production stood at 11.11 million bpd.
Russia pledged to reduce output by 200,000 bpd in the first quarter of 2017 and by 300,000 bpd starting from April.
The agreement with the Organization of the Petroleum Exporting Countries and other producers led by Russia, reached in December, envisages total cuts in oil production of almost 1.8 million bpd and is effective until the end of the first half of this year.
OPEC is cutting its own output by about 1.2 million barrels per day (bpd) from Jan. 1 in the first such deal since 2008 to try to get rid of a glut. Non-OPEC countries pledged to cut about half as much.
Previous OPEC cuts have been undermined by its members cheating, making strong compliance by OPEC this time a positive surprise for the market, with oil prices trading above $56 per barrel -- up from $35 a year ago.
In January, OPEC delivered 82 percent of the promised cuts, according to a Reuters survey and over 90 percent according to OPEC's own report.
The International Energy Agency has said it is impressed with OPEC's compliance, calling it a record level.
The Russian Energy Ministry will issue official production data for February on Thursday. On Monday, Russian Energy Minister Alexander Novak said the country could cut production faster than previously expected.
(Reporting by Moscow Newsroom; Editing by Polina Devitt and Aleksandar Vasovic)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea