Russian oil output jumps to 11.193 mln bpd in early July- source
Russian oil output has risen to 11.193 million barrels per day (bpd) on July 1-4 from 11.06 million bpd in June, a source familiar with the data told Reuters, after major oil producers decided to ease voluntary output curbs.
Russian Energy Minister Alexander Novak has said that Russia would increase its oil production by around 200,000 bpd in the second half of the year after output has averaged 10.97 million bpd in the March/May period.
The increase has followed a decision by the Organization of the Petroleum Exporting Countries and other oil producers led by Russia to ease production cuts and get back to full compliance with a Vienna agreement, which has been in force since early 2017.
Russia had initially agreed to cut its output by 300,000 bpd from the October 2016 level of 11.247 million bpd, a 30-year high, starting from early 2017, as part of global efforts to tackle bloated oil stocks and sagging oil prices.
Source: Reuters (Reporting by Moscow bureau. Editing by Jane Merriman)