NEWSWATCH: “Russia’s oil output in October hits new post-Soviet era high” – Reuters

Oil Well file photo

Russia’s oil output set a new post-Soviet era record high in October, rising 0.1 percent from September to 11.2 million barrels per day (bpd), energy ministry data showed …. underscor[ing] the difficulty the government could have in freezing output levels as part of a global pact with other top producers [to impact prices] …. Oil and gas sales account for more than a third of Russia’s state budget revenues, down from half in 2014 reflecting a fall to below $50 per barrel from $115. … Russia’s No.2 oil producer Lukoil launched the Filanovsky offshore oil field in the Caspian Sea, the second major oil field opened by Russia in a week and the fourth this year.

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