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Russia’s Oil Production Edges Downwards M-o-M

Oil

Russia’s oil output in June fell by 5K b/d m-o-m to 10.95M b/d, the country’s Ministry of Energy has said. Compared to an October 2016 baseline of 11.23M b/d, this means that Russia’s oil production was around 283K b/d lower and close to the full 300K b/d cut it pledged as part of an OPEC and non-OPEC global oil supply deal. For 1H17 as a whole, production has averaged 11.03M b/d, down by 203K b/d from the October 2016 baseline.