Russia ‘s oil output is at a record high during 2018

Media In / Agencies 02-01-2019
MOSCOW (Reuters) – Russia’s oil output rose to its highest level in the post-Soviet period, recording 11.16 million bpd in 2018, exceeding the annual average of 11 million bpd for the first time, data from the Russian Energy Ministry showed on Wednesday.
The production level exceeded the previous annual average of 10.98 million barrels per day, recorded in 2017.
The Russian oil production amounted to 555.838 million tons last year, compared to 547 million tons in 2017, noting that the agency “Reuters” using the conversion rate 7.33 barrels per tonne.
Russian Energy Minister Alexander Novak said his country’s output in 2019 could fall to 552 million tonnes, due to the global production agreement.
In December, the Organization of the Petroleum Exporting Countries (OPEC) and a number of top non-OPEC producers agreed to cut their total crude production by 1.2 million bpd from January to curb oil prices.
Oil prices hit their lowest level in a year and a half last week and fell more than 20 percent in 2018, influenced by factors including rising supplies, particularly in the United States.
Novak said oil prices would become more stable in the first half of 2019.
The United States became the world’s largest producer of crude in 2018, pumping 11.6 million barrels a day.