Russian Oil Output Again Tops OPEC Target Ahead of Vienna Talks
- May’s 10.97 million barrels a day exceeded 10.95 million goal
- Russia, Saudi Arabia have signaled intent to ease supply cuts
Workers perform a well-workover operation at a multiple well platform in the Samotlor oilfield near Nizhnevartovsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia breached its oil-output quota agreed with OPEC for a third straight month as the producing alliance prepares for crucial talks this month on increasing supplies.
Oil output averaged 10.97 million barrels a day in May, almost unchanged from a month earlier, according to data emailed Saturday by the Energy Ministry’s CDU-TEK statistics unit. That means its compliance with the production quota of 10.95 million was close to 95 percent, same as in April. In March, the rate was 93 percent.