02 March 2019, Moscow — Russian oil production was 97,000 barrels per day (bpd) lower in February than in October 2018, Energy Minister Alexander Novak said in a statement on Friday, undershooting its 228,000 bpd targeted reduction as part of a global oil pact.
October was used as the baseline month for the pact with the Organization of the Petroleum Exporting Countries and other leading global oil producers which expires at the end of June.
OPEC and non-OPEC producers will review the agreement in mid-April in Vienna and Novak told reporters that it was too early to say if the deal would be expanded beyond its initial span of the first six months of the year.
Earlier on Friday, the minister met leading Russian oil companies to discuss progress in cutting oil production.
A source familiar with the Energy Ministry data told Reuters that Russian average oil production was around 11.34 million bpd in February, which is only 75,000 barrels per day lower than the October level.
OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Gulf allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary drop.