• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 40 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 4 days Hopes Are Dashed For International Oil Companies In North Iraq
  • 1 day "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
China’s Construction Crisis Weighs On Industrial Metals

China’s Construction Crisis Weighs On Industrial Metals

China’s COVID lockdowns have had…

Are Gas Stations Really Inflating Prices For Profit?

Are Gas Stations Really Inflating Prices For Profit?

Despite what politicians may say,…

Russia’s Oil Production Dips As Possible Production Cuts Near

Russia’s oil output dipped in November, preliminary data from Russia’s federal state budgetary organization CDU TEK over the weekend, days before the OPEC summit scheduled for December 6 that will serve as a forum for discuss another oil production cut.

The November data showed Russia’s oil production had fallen to 11.369 million barrels per day, including condensates, an almost half a percentage decline from the record highs Russia kicked out in October of 11.41 million bpd. Production had previously been steadily increasing for months as Saudi Arabia and Russia attempted to lift production to make up for Iranian losses that most expected from the U.S. Sanctions.

The cuts come after Russia’s energy ministry was reported as discussing potential oil production cuts with local producers to come up with a position on the oil production cuts before the December meeting scheduled for this weekend.

However, the slip in production for November is seen by analysts, according to Bloomberg, not as a deliberate attempt to curb production to balance the market, but more as the natural consequence of issues with specific oilfields, and possibly from seasonality.

The news of Russia’s declining production served as another boost for oil prices that have seen a rocky few weeks.

Russian President Vladimir Putin said last week that it was “obvious” that Russia should cooperate with OPEC, stopping just shy of saying that that would definitely mean a production cut.

Oil prices continued to rise on Monday afternoon with Russia’s falling production, a truce between China and the United States over trade, Alberta’s pronouncement that it will curb production, and Qatar’s withdrawal from OPEC, which is expected to go into effect in January 1.

At 3:19pm EST, both the WTI and Brent Crude benchmarks were trading up over 4%,

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News