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Russia’s Oil Production Stays At Record Highs in December


Russia’s oil output in December averaged 11.2M b/d, unchanged m-o-m and at its highest level in almost 30 years, Reuters reports, citing Energy Ministry data. During the whole of 2016, Russia’s crude output averaged 10.7M b/d. In the first half of 2017 Russia is expected to gradually cut production by 300K b/d, as part of an agreement between OPEC and non-OPEC producers. Russia’s Energy Ministry forecasts average 2017 oil output of between 11-11.1M b/d.