RUSSIA'S OIL PRODUCTION: 11.3 MBD

BLOOMBERG - Russia's crude production has jumped to a new post-Soviet record, boosting the nation's budget revenue as it prepares for talks with OPEC+ on further cooperation, according to a government official.

The country's oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn't public yet. That equates to 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 the Organization of Petroleum Exporting Countries to cut production.

Russia's output increase comes just days before it meets in Algeria with other members of the group known as OPEC+. The producers agreed in June to start rolling back their output cuts to offset losses from countries including Venezuela and Iran while also responding to calls from U.S. President Donald Trump to ease pressure on prices. This weekend, ministers will discuss supply and demand forecasts for the fourth quarter and the potential for extending cooperation into next year.

While Russia could boost its production by about 300,000 barrels a day above the October 2016 record within a year, there's still no decision on tapping this spare capacity and the size of the increase will depend on talks with the wider OPEC+ group, Russian Energy Minister Alexander Novak said last week.

Iran said Thursday that it would veto any OPEC decision which shrinks its market share. Iranian Oil Minister Bijan Namdar Zanganeh said an OPEC committee set to meet this weekend in Algiers has no authority to impose a new supply deal. He added that some producers are trying to create an alternative suppliers' forum that supports U.S. policies hostile to Iran's interests.

Russia's Benefits

Oil was trading near two-month highs in London, at almost $80 a barrel, as concern over demand contraction amid U.S.-China trade tensions is countered by supply losses from Iran and Venezuela.

Crude in rubles is close to the highest-ever levels reached earlier in September amid the currency's weakness. Russia's budget gains from energy taxes are set to jump almost 46 percent this year to a record-high 8.707 trillion rubles ($131 billion), according to estimates from the Russian Finance Ministry. Reliance on energy, which President Vladimir Putin has been struggling to cut in the past few years, is set ti exceed 46 percent of the country's overall budget, compared to 40 percent in 2017. That would be the highest level since 2014.

If Russian producers maintain September levels through to the end of the year, the nation's full-year output target could be increased to 555 million tons, meaning an additional 2 million tons in the remaining 100 days, the government official said. That equates to as much as 150,000 barrels per day in addition to last month's output of 11.21 million barrels.

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