- Russia reports continued growth in oil production during 2017 to a 30-year high of 10.98M bbl/day, although the pace of growth slowed from 2016 because of its participation in the OPEC-led global supply agreement.
- Data from Russia's energy ministry shows oil and gas condensate production totaled 10.95M bbl/day in December, up from 10.94M in November, while full-year 2017 output averaged 10.98M bbl/day vs. 10.96M bbl/day in 2016 and 10.72M in 2015; Russian natural gas production was 63.5B cm in December from 60.6B cm in November.
- In its deal with OPEC, Russia pledged to cut production by 300K bbl/day from the 30-year monthly high of 11.247M bbl/day hit in October 2016 and achieved the targeted cut by Q2 2017.
- Relevant tickers: OTCPK:RNFTF, OTCPK:OGZPY
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI
- Now read: United States To Leapfrog Russia In 2018 As The World's Top Oil Producer
Original article