Russian crude oil output hits post-Soviet record high in October

Russian oil output surged as OPEC and other large oil producers led by Russia agreed in June to ease production curbs and stick to levels of output outlined in a 2016 Vienna agreement REUTERS  |  October 31, 2018, 15:55 IST
Russian crude oil output hits post-Soviet record high in October MOSCOW: Russian oil production has risen to a post-Soviet record high of 11.41 million barrels per day (bpd) so far in October, up from 11.36 mln bpd in September, an industry source familiar with the output data told Reuters on Wednesday.

Russian oil output surged as the Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed in June to ease production curbs and stick to levels of output outlined in a 2016 Vienna agreement.

Output increases have been facilitated by stronger oil prices as markets prepare for tighter supply once U.S. sanctions against Iran kick in November.