Russia Oil Output Near Record Swells Global Glut Before OPEC
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Russian oil output neared a record in May, damping speculation before OPEC meets this week that major producers may cooperate to curb a global supply glut.
Production of oil and natural-gas condensate climbed 1.6 percent from a year earlier to 10.708 million barrels a day, close to January’s post-Soviet high of 10.713 million barrels a day, according to preliminary data from the Energy Ministry’s CDU-TEK unit.