Russian oil production reaches a high post-Soviet
From Russia Raw oil and condensate production reaches a post-Soviet peak last year, even when it stopped production under an agreement with OPEC. Russia produced 560.2 million tons of oil in 2019, up 0.8% from the previous year, preliminary data from the energy ministry showed. Under the OPEC + deal, Russia pledged to cut output by 228,000 barrels a day from the October 2018 baseline of 11.4 million barrels a day. That allocation will change this month after OPEC and its allies agreed in December to deepen their cut. Saudi Arabian energy minister Prince Abdulaziz bin Salman has urged the laggards in the deal to carry their share of the burden. The kingdom is making the deepest cuts in the group. Russia has agreed to deepen its reductions by 70,000 barrels a day to about 300,000 a day in the first quarter. Here's a look.
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