04 Sep 2018, Gergana Bencheva, EMIS Editor
Russia’s oil exports grow 3.5% y/y in Aug
Over June and July combined, oil production in the country jumped by 2.2%, or around 240,000 bpd which is in line with the latest increase agreed with OPEC. According to Russia’s energy minister Alexander Novak, Moscow will provide about 200,000-250,000 bpd of the total one million increase agreed by OPEC and non-OPEC members in Vienna at the end of June.
Russia’s current oil production is just 0.2% below the peak output in October 2016, registered just before the OPEC agreement to reduce output, CEEMarketWatch added.
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