Russia's January industrial output down 2.5pc y/y on OPEC+ deal
- In annual terms, January data was dragged down by lower oil and gas production which also resulted in weaker oil products output, along with some other factors, the statistics service, or Rosstat, said.
- The main factor behind the monthly fall in January industrial output was lower manufacturing activity, namely food stock production such as flour, spaghetti, rice and sunflower oil.
MOSCOW: Russia's industrial output fell 2.5% in January compared with a year earlier, dragged down by Moscow's commitments with wider global oil cuts along with OPEC, and was down 21.1% in month-on-month terms, state statistics service data showed on Monday.
Analysts polled by Reuters had expected a 0.1% decrease in output year-on-year.
In annual terms, January data was dragged down by lower oil and gas production which also resulted in weaker oil products output, along with some other factors, the statistics service, or Rosstat, said.
A member of a wider global oil production cut deal, Russia has lowered its oil and gas condensate production to 10.16 million barrels of oil per day (bpd) in January this year compared to 11.28 million bpd the same period a year ago.
The main factor behind the monthly fall in January industrial output was lower manufacturing activity, namely food stock production such as flour, spaghetti, rice and sunflower oil, the Rosstat said in a separate comment.
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