Russia Boosts 2017 Crude Oil Production To 30-Year High

Conservative Read | 1/3/2018 | chris
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OPEC’s crude production held steady in December as the group approached a fresh year of output curbs in full compliance with its supply deal.

The 14 members of the Organization of Petroleum Exporting Countries pumped 32.47 million barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.

Libya - Decline - Day - Pipeline - Blast

Libya saw a 30,000-barrel-a-day decline to 970,000 a day following a pipeline blast, which was offset by an increase from Nigeria. Both countries were exempt from cuts last year but are now expected to join the effort with a combined limit of 2.8 million barrels a day. OPEC and its allies agreed Nov. 30 to extend their output agreement until the end of 2018 to balance the market.

Production in Saudi Arabia, OPEC’s biggest member, slipped by 20,000 barrels a day to 9.95 million a day, the surveyed showed. Venezuela, which has suffered a slump in output amid economic collapse and U.S. sanctions, reduced volumes by a further 50,000 barrels a day to 1.81 million a day.

OilPrice - Com - Tsvetana - Paraskova - Fact

But, as OilPrice.com’s Tsvetana Paraskova writes, despite the fact that Russia is cutting its oil production as part of OPEC and allies’ deal to restrict global oil supply, Moscow’s average daily crude oil production inched up again in 2017, to a 30-year-high of 10.98 million bpd, according to Russian Energy Ministry data.

Non-OPEC Russia, like OPEC’s de facto leader Saudi Arabia and most of the other cartel members, entered...
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