Russia further reduces its oil production

According to Reuters information, oil production in Russia fell by 1.515 million tonnes per day (bpd), which amounts to 11.10 million barrels per day in February. In January, Russian production was 11.11 million bpd.

Russia has followed the "letter" guidelines OPEC, which provides cutting production by 200,000 bpd in the first quarter 2017 and 300,000 bpd from April. The total production cuts, along with other countries should be 1.8 million bpd, according to Panorama Offshore has been reporting in recent months.

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