Russia’s Oil Production Falls M-o-M In March

Oil

Russia’s oil output (including gas condensate) in March fell by 56K b/d m-o-m to 11.05M b/d, data from the country’s Ministry of Energy shows. This is also down by around 157K b/d from November 2016, when the agreement between OPEC and some non-OPEC countries to reduce their oil production was announced. However, compared to the same month in 2016, Russia’s oil output was up by 155K b/d.