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Russia’s November Oil Output Discipline Maintained
Official Russian data put the country’s oil output in November at 10.94M b/d, according to reports by Reuters. This was virtually unchanged from October 2017 and more importantly was down by 307K b/d on October 2016, ensuring that Russia remained compliant with its production agreement with OPEC.
According to Russian Energy Minister Alexander Novak, the country’s oil production in 2018 will remain flat at this year’s levels of about 547M tonnes, if output cuts are maintained for the whole year as jointly agreed with OPEC last week.