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Monday, 9 January 2017

Russia cuts oil output by 100,000 bpd in early January: industry sources | Reuters

Russia cuts oil output by 100,000 bpd in early January: industry sources | Reuters:
"Russia cut its oil production in early January by around 100,000 barrels per day (bpd) from the previous month after an agreement with OPEC to cap global crude output, two sources from the energy sector told Reuters on Monday.

Russia's oil and gas condensate output averaged 11.1 million barrels per day (bpd) in the period from Jan. 1 to Jan. 8, according to the two sources. This was down from 11.21 million bpd in December and October's level of 11.247 million bpd, a starting point for output reduction agreed with the Organization of the Petroleum Exporting Countries.

The sources declined to give the reason for the fall or name the companies that reduced their production. The cuts came amid a cold spell in Russia and in its oil production heartland of Western Siberia in particular, where temperatures reached as low as minus 60 Celsius (minus 76 Fahrenheit)."

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