JRL NEWSWATCH: “Russian oil output reaches record high in 2018” – Reuters/ Vladimir Soldatkin

Oil Well file photo

“Russian oil production rose to a post-Soviet record high of 11.16 million barrels per day (bpd) last year on an annual average basis, data from its energy ministry showed …. surpass[ing] the previous annual record average of 10.98 million bpd … in 2017. Russian oil output reached 555.838 million tonnes last year, against 547 million tonnes in 2017. Reuters uses a barrels-to-tonnes ratio of 7.33 to 1. All the Russian majors increased their oil production last month in yearly terms. … Russian Energy Minister Alexander Novak said … the country’s oil production in 2019 may decline to 552 million tonnes after …. OPEC[] and other large oil producers including Russia agreed … to cut … combined crude production by 1.2 million bpd … to halt a decline in oil prices. …”

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