Date: 2 weeks ago   Category: Energy

MEA: Russia in February reduced oil production by 80 thousand barrels a day to the level of the transaction of OPEC — Rambler News Service


Russia reduced oil production in February, 2019 by 80 thousand barrels a day from the level of October, 2018 which is basic within the transaction with OPEC about oil production reduction, follows from the monthly report of the International Energy Agency (IEA). According to the report of MEA, production of Russia in January, 2019 was 11.67 million barrels a day that on 40 thousand barrels a day it is less, than a month earlier. At the same time MEA considers a basic indicator of the Russian production (for October, 2018) 11.75 million barrels a day. MEA notes that the level of implementation of the agreement by Russia in February was 36%. According to arrangements with OPEC, Russia has to reduce oil production by 228 thousand barrels a day to the level of October, 2018. The Minister of Energy of the Russian Federation Alexander Novak explained that Russia will reach the necessary level of reduction of production during the first quarter 2019. On March 1 the current year Novak reported that following the results of January Russia reduced oil production by 97 thousand barrels a day to an indicator of October, 2018.

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