Russia elevates oil production

The oil production of Russia grew in March to a maximum in eleven months of 10,970,000 barrels per day (bpd), slightly above the agreed limit under a global offer pact, showed data from the country's Ministry of Energy on Monday.

It was the first increase in Russian production since December and the highest level since the production of 11 million bpd recorded in April 2017.

Under an agreement between members of the Organization of Petroleum Exporting Countries (OPEC) and other producers that came into effect last year, Moscow promised to reduce production in 300,000 bpd, from a 11,247,000 bpd base observed in October 2016.

The Ministry of Energy said that in March it cut production in about 280,220 bpd before the level of October 2016. "Russia has achieved a compliance with the production cuts (with the OPEC agreement) of 93,4%. The fluctuations of liquid hydrocarbons in March were due to a high demand for gas and seasonality in the domestic market, "said Minister of Energy, Alexander Novak, in communiqué.

"Russia is fully committed to achieving balance in the oil market," he added. Russian production in March rose before 10,950,000 of bpd recorded in February. In tonnes, it totaled 46,390,000, 41,836,000 in February. Source: Extra newspaper.

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