• 3 minutes In a Nutshell...
  • 5 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 7 minutes Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 9 minutes Why Oil could hit $100
  • 5 mins COVID is real now
  • 17 mins The Quad naval alliance forming.
  • 27 mins The Grey Lady has fallen (further into irrelevancy)
  • 1 day Where is Alberta, Canada headed?
  • 9 hours Is The Three Gorges Dam on the Brink of Collapse?
  • 2 hours The Boris Yeltsin of America
  • 42 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 days Why Putin is popular in Russia
  • 13 hours Is the oil & gas industry on the way out?
  • 1 day Joe Biden offers advice to correct the public health
  • 2 days Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 1 day There Has Been No Trump Manufacturing Boom Even Before Covid
Big Oil’s Petrochemical Bet Has Hit A Snag

Big Oil’s Petrochemical Bet Has Hit A Snag

Big oil has made significant…

The Largest Oil Inventory Increase In History

The Largest Oil Inventory Increase In History

Oil inventories generally increase in…

Damir Kaletovic

Damir Kaletovic

Damir Kaletovic is an award-winning investigative journalist, documentary filmmaker and expert on Southeastern Europe whose work appears on behalf of Oilprice.com and several other news…

More Info

Premium Content

Russia Claims Global Oil Output Down By 1.4M Bpd

Russian Energy Minister Alexander Novak has announced that global oil output was cut by 1.4 million barrels per day last month, in the aftermath of the deal between OPEC and non-OPEC countries to rebalance the market.

Novak made his announcement during a meeting with Russian President Vladimir Putin, referring to preliminary data without explaining the sources of the data.

If Novak’s figures are correct, it would mean that OPEC and non-OPEC countries are close to meeting their goal of cutting a combined 1.8 million barrels per day by the first half of this year.

At a compliance meeting in Vienna earlier in January, Novak said that Russia had reduced its oil production by some 100,000 barrels a day.

Russia intends to cut its oil production by 200,000 barrels per day by the end of the first quarter and afterwards 300,000 barrels per day.

"Some countries have cut more than was planned and are moving ahead of schedule. Russian oil production was down by 117,000 barrels per day in January," confirmed Novak oil production data for the last month, adding that Moscow was also moving ahead of schedule with its cuts. Related: Trump’s Trade War With Mexico Could Crash Natural Gas Prices

Novak said Russian oil companies are working “ahead of schedule” to make the agreed cuts and to participate in the implementation of the agreement reached with the OPEC and non-cartel members.

OPEC’s agreement has already at the beginning of this year justified its existence, according to Reuters’ survey from this week, by cutting output more than 1 million barrels per day in January. Based on this data, some 82 percent of the cut commitments have been met.

"We are also noticing a significant decrease in speculative pressure to the prices," Novak told Putin.

Novak expressed his expectations to President Putin that the market would rebalance by the middle of this year.

By Damir Kaletovic for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Dan on February 01 2017 said:
    All I see is huge pickup trucks pulling huge trailers with snowmobiles going by. Oil,oil,oil.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News