Commodities
Russia’s Compliance With Oil-Output Cuts Slipped in February
- Production rose by 82,000 b/d from January, calculations show
- February adherence was still second-best since curbs began
An oilfield in the Republic of Bashkortostan, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia’s compliance with its pledge to reduce crude oil output worsened slightly last month after reaching nearly 100% at the start of the year, according to Bloomberg calculations based on official data.
The nation pumped an average 1.3 million tons a day of crude in February, said people familiar with data from the Energy Ministry, who spoke on condition of anonymity because the figures aren’t public. That’s equivalent to around 9.54 million barrels a day, based on the common 7.33 barrels-per-ton conversion ratio.