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UPDATE 1-Russia's November oil output edges up
December 2, 2017 / 9:56 AM / in 11 days

UPDATE 1-Russia's November oil output edges up

    * Output 10.94 mln bpd vs 10.93 mln bpd in Oct
    * Moscow complying with global deal

 (Adds detail)
    MOSCOW, Dec 2 (Reuters) - Russian oil output rose to 10.94
million barrels per day (bpd) in November from 10.93 million bpd
in October, energy ministry data showed on Saturday.
    In tonnes, oil output fell to 44.782 million versus 46.23
million in October, and Russia remains in compliance with a
global deal to curb production aimed at reducing inventories and
supporting oil prices.
    The latest figures show Russia cut its oil output by around
307,000 bpd from the 11.247 million bpd in produced in October
2016, the baseline for the global agreement to reduce output.
    Russia agreed to reduce its oil output by 300,000 bpd from
that level as part of a pact led by producers from the
Organization of the Petroleum Exporting Countries to jointly cut
output by 1.8 million bpd.
    OPEC and non-OPEC producers agreed on Thursday to extend
their output cuts until the end of 2018.             
    Russian Energy Minister Alexander Novak has said that
Russian oil production would remain flat at 547 million tonnes
in 2018 if output cuts were maintained for the whole of the
year.             
    Russian oil pipeline exports fell to 4.347 million bpd in
November from 4.627 million bpd in October.
    Output at projects run by foreign majors under production
sharing agreements (PSA) rose by 8.3 percent in November from
October.
    Output at Rosneft          , Russia's largest oil producer,
fell by 0.3 percent in November while output at No.2 oil company
Lukoil           rose by 0.1 percent.
    Gas production in November fell to 60.56 billion cubic
metres (bcm), or 2.02 bcm per day, from 62.67 bcm in October.

 (Reporting by Polina Devitt and Natalia Chumakova; editing by
Jason Neely)
  

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