Russia may post record daily oil output in December ahead of OPEC production cut
MOSCOW. Dec 2 (Interfax) - Russia plans to raise daily oil production to a record high in December 2016 ahead of the production cut agreed with OPEC, according to a report presented by Deputy Energy Minister Kirill Molodtsov at a Lukoil presentation.
Daily production in December 2016 may reach a record high of 11.3 million barrels per day, Molodtsov said. Production in November averaged 11.2 million bpd. In other words, daily oil output might rise 0.8% in December.
Under the agreement with OPEC, Russia will gradually reduce production beginning on January 1, 2017, by up to 300,000 barrels per day.
Achievement of record production in December will have no impact on that agreement, Molodtsov said.
"It was 11.264 million barrels per day on November 1. The numbers for December [11.3 million bpd] are give or take. This will not affect the agreement with OPEC. December is December," he said.