According to Central Dispatching Department of Fuel Energy Complex (CDU TEK), Russia’s average daily oil output grew by 0.9% to 10.946 million barrels on a yearly basis in June 2017.
The country’s energy ministry said that Russia cut oil production by 300,000 barrels, at a more-than-expected pace.
Earlier, the International Energy Agency (IEA) reported that Russia achieved 93% of pledged cuts with total output falling to 11.3129 million barrels.
Lukoil reduced production by 13,000 barrels a day in May, Gazprom Neft by 12,000 barrels. Rosneft, Bashneft and Surgutneftegaz cut output by 5,000, 7,000 and 8,000 barrels, respectively.
Moscow extended the output cut deal with OPEC and non-OPEC producers until March 2018 in May. By the year end, three Russia’s oil producers plan to increase investment in extraction and exploration. However, the IEA forecasts a slight and gradual increase in the country’s oil output next year.
Global oil production may see a sharp rise in March 2018, the IEA said.
