JRL NEWSWATCH: “Russia Oil Production Jumps to a New Post-Soviet Record” – Bloomberg/Elena Mazneva

Oil Well file photo

“Russia’s crude production has jumped to a new post-Soviet record, boosting … budget revenue as it prepares for talks with OPEC+ on further cooperation, according to a [Russian] government official. … currently fluctuating between 1.54 million and 1.55 million tons a day — driven mainly … Rosneft … 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with [OPEC] to cut production. … OPEC+ … producers agreed in June to start rolling back … output cuts to offset losses from countries including Venezuela and Iran while also responding to calls from … Trump to ease pressure on prices. This weekend, ministers will discuss [fourth quarter] supply and demand forecasts … and the potential for extending cooperation into next year. …”

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