Russia speeds up oil output cuts on Feb 1-12

MOSCOW: Russian average oil production at was 11.34 million barrels per day (bpd) on Feb. 1-12, down by 70,000 bpd from the October level used as a reference month for the global oil production cut deal, an energy industry source told Reuters.

OPEC and other global oil producers agreed in December to cut their combined output by 1.2 million bpd in order to support oil prices and try to balance the market. Russia is cutting from its October level of 11.41 million bpd.

Energy Minister Alexander Novak said this month that Russian oil production decreased by 47,000 bpd in January from October.

The energy ministry declined to comment.