Russia Holds Oil Output Near Post-Soviet Highs as Prices Soar - Bloomberg

Russia Holds Oil Output Near Post-Soviet Highs as Prices Soar - Bloomberg:

Russia kept pumping oil near post-Soviet records last month as it reaped benefits from a deal with OPEC easing output caps and oil prices at an all-time high in rubles.

The nation extracted an average of 11.21 million barrels of crude per day in August, according to data emailed Sunday by the Russian Energy Ministry’s CDU-TEK unit. Volumes were little changed from July, when the country’s output soared to just shy of a peak in 2016.

Russia has been the main beneficiary from its agreement with the Organization of Petroleum Exporting Countries made two months ago to unfetter production. The country added nearly 250,000 barrels a day of output in June and July, while its biggest partner in the pact -- Saudi Arabia -- has kept supply below the level it was said to have indicated in June amid concerns over strength of global demand.