RUSSIAN OIL PRODUCTION 11.37 MBD

REUTERS -  Russian oil output stood at 11.37 million barrels per day (bpd) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Sunday.

In tonnes, oil output reached 46.532 million versus 48.262 million in October. Reuters uses a tonne/barrel conversion ratio of 7.33.

The fall in Russian output mirrored a drop in production from the Organization of the Petroleum Exporting Countries (OPEC), which according to a Reuters survey fell in November from a two-year high.

Major oil producers inside OPEC and beyond the organisation are concerned about a possible glut of oil driving down prices, and are exploring the possibility of reining in output.

Brent crude <LCOc1> fell below $59 a barrel this week from as high as $85 in October.

Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC but is still bargaining with the producer group's leader, Saudi Arabia, over the timing and volume of any reduction, two industry sources told Reuters.

OPEC members and their allies are expected to decide on steps to re-balance the oil market when they meet in Vienna on Dec. 6-7.

The Russian energy ministry's data showed that Rosneft, the world's top listed oil producer by output, pumped 0.1 percent more oil in November than in October, but the rate of increase slowed from a previous 0.5 percent.

The second-largest Russian oil producer, Lukoil, cut its production by 0.9 pct, the data showed, having previously increased output by 0.3 percent.

Production at Surgutneftegas was flat while Gazpromneft cut output by 4.7 percent, according to the data.

Russian oil pipeline exports in November stood at 4.297 million barrels per day, down from 4.526 million bpd in October.

Gas production was at 62.67 billion cubic metres (bcm) last month, or 2.09 bcm a day, versus 63.64 bcm in October, the ministry's data showed.

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Earlier: 

2018, November, 16, 09:25:00 RUSSIA, OPEC COOPERATION PLATTS - "It is obvious that we need to cooperate with Saudi Arabia, and we are going to cooperate with Saudi Arabia. OPEC plus has been very positive, and we see that in the market situation," Putin told reporters in Singapore during a briefing broadcast on Russia 24.

2018, November, 14, 12:20:00 ИНТЕРВЬЮ АЛЕКСАНДРА НОВАКА ТЕЛЕКАНАЛУ "РОССИЯ 24" ОБ ИТОГАХ ЗАСЕДАНИЯ МОНИТОРИНГОВОГО КОМИТЕТА СТРАН ОПЕК+ Глава Минэнерго России подчеркнул, что все участники соглашения ОПЕК+ выполняют взятые на себя обязательства, при этом мониторинг ситуации на нефтяном рынке будет продолжен.

2018, November, 14, 12:15:00 OIL MARKET UNCERTAINTY CNBC - Saudi Arabia, OPEC's biggest producer and the world's top crude exporter, intends to cut shipments by 500,000 barrels a day in December, Khalid al Falih, the country's energy minister said on Sunday. Russian Energy Minister Alexander Novak said on Sunday he wasn't convinced the oil market would be oversupplied in 2019. Russia is the world's second biggest oil producer after the United States and, along with Saudi Arabia, plays an influential role in the oil alliance.

2018, November, 12, 12:20:00 РОССИЙСКО-САУДОВСКИЕ ПЕРСПЕКТИВЫ МИНЭНЕРГО РОССИИ - «Российско-саудовские отношения обладают солидными перспективами в сфере энергетики. Нами рассматриваются ряд масштабных совместных проектов, которые выведут российско-саудовское сотрудничество на принципиально новый уровень», - отметил российской министр.

2018, November, 5, 12:20:00 RUSSIA'S OIL PRODUCTION 11.4 MBD BLOOMBERG - Russia’s crude and condensate output averaged 11.412 million barrels a day last month, according to data from the Energy Ministry’s CDU-TEK unit released Friday. That’s about 160,000 barrels a day more than two years ago, before Russia agreed to cut supply with OPEC. It’s a post-Soviet record, and not far off the highest-ever output.

2018, November, 2, 12:10:00 ЦЕНА URALS: $71.55 МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – октября 2018 года составила $ 71,55 за баррель.

2018, October, 29, 12:40:00 RUSSIA: NO REASON OIL FREESE REUTERS - Russian Energy Minister Alexander Novak said on Saturday there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could be facing a deficit.