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2016-12-02 18:35:00

RUSSIA WILL CUT

RUSSIA WILL CUT

BLOOMBERG wrote, Russia, the world's largest energy exporter, held November output near a post-Soviet record , which is likely to remain a high-water mark in the near term after a pledge to cut production.

Russian crude and condensate production averaged 11.21 million barrels a day in November, compared with a record 11.23 million barrels a day in October, according to the Energy Ministry's CDU-TEK statistics unit.

Russia promised to support a push by the Organization of Petroleum Exporting Countries to reduce a global oil oversupply after the group agreed to cut production by 1.2 million barrels a day on Wednesday. Energy Minister Alexander Novak pledged Russia would cut its own output by as much as 300,000 barrels a day, a stronger move than the previously preferred position of a freeze.

Russia will make a gradual reduction over the first half of the year starting in January, Novak said Thursday. The reduction, supported by Russian oil producers, would be spread proportionally among companies, he said without providing further detail.

Gazprom Neft PJSC and Novatek OJSC led Russian output growth in November compared with a year earlier, although both companies posted lower oil production than October, according to the data.

-----

Earlier:

RUSSIA: 

РОССИЯ ПРИВЕТСТВУЕТ ОПЕК 

IMF: EXTERNAL RISKS FOR RUSSIA 

ТОРГИ URALS 

RUSSIA CAN CUT 300 TBD 

RUSSIA IS READY

 

OPEC: 

OPEC PRODUCTION TARGET 32.5 MBD 

OPEC WILL CUT 1.2 MBD 

OPEC'S CAUTIOUS OPTIMISM 

OPEC OIL PRODUCTION 33.64 MBD 

SOLIDARITY WITH OPEC

 

PRICES: 

OIL PRICES: ABOVE $52 AGAIN 

OIL INVESTMENT: -$1.99 TLN + $630 BLN 

2017: DEMAND RECOVERY 

RUSSIA CAN CUT 300 TBD 

 

Tags: RUSSIA, OPEC, OIL, PRICES, PRODUCTION
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