Russia’s oil production fell 50,000 bpd in early April: Source

A well head and drilling rig in the Yarakta oilfield, owned by Irkutsk Oil Company (INK), in the Irkutsk region, Russia. (File photo: Reuters)

Russia’s average oil production was down to 11.24 million barrels per day (bpd) on April 1-12, an oil industry source told Reuters on Monday.

Average oil production in Russia last month was at 11.29 million bpd. The energy ministry did not immediately reply to a Reuters request for comment.

Russia, the Organization of Petroleum Exporting Countries and some other nations have finalized a deal to take 10 million bpd off the market from May to help stabilize oil prices hit by low demand amid the coronavirus outbreak.

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Expected total global oil cuts effective May 1 amounts to more than 20 mln bpd: OPEC+

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Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54
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