Russian Oil Output Nears All-Time High
- Production averaged 11.412 million barrels a day last month
- Ministers from Russia and OPEC allies to hold talks next week
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Russian oil production moved closer to an all-time high before the nation meets with OPEC partners to discuss future supply.
The country’s crude and condensate output averaged 11.412 million barrels a day last month, according to data from the Energy Ministry’s CDU-TEK unit released Friday. That’s about 160,000 barrels a day more than two years ago, before Russia agreed to cut supply with OPEC. It’s a post-Soviet record, and not far off the highest-ever output.