Russian oil output down to 11.38 mn bpd on Jan 1-10

MOSCOW: Russia has reduced its oil production to 11.38 million barrels per day (bpd) on average on Jan. 1-10 from a record high of 11.45 million bpd last month, a source familiar with the data told Reuters on Friday.

This level was also 30,000 bpd lower than the 11.41 million bpd pumped in October, the baseline for a global deal to reduce oil production.

The Organization of the Petroleum Exporting Countries and other leading global oil producers led by Russia agreed last month to cut their combined oil output by 1.2 million bpd in order to balance the oil market starting from January.

Of that, Russia has pledged to cut around 230,000 bpd, reaching that level gradually in the first quarter.