Russia’s average daily oil and gas condensate output grew to 11.2 million barrels daily in October from 11.11 million barrels in September, setting a new post-Soviet record high, Bloomberg reported, citing preliminary data of CDU TEK, an agency that provides data and analysis to the Russian Energy Ministry.
Russian Energy Minister Alexander Novak said that Russia was ready to reduce oil output but retention of the production level was preferable. A possible production minimum is being discussed with Russian oil firms, Novak said.
OPEC agreed to limit daily oil output at 32.5-33.0 million barrels at an informal meeting in Algeria in September. Ceilings for each country will be defined at the organization’s next official meeting on November 30, in Vienna. (Prime/Business World Magazine)
