Russia cut its oil production in October to 11.23 million barrels per day (bpd) from 11.25 million bpd in September, failing to fulfill its commitment under the global production cut deal, data from the Energy Ministry revealed.

The Organization of the Petroleum Exporting Countries (OPEC) and independent producers, including Russia, have agreed since January to cut oil production by 1.2 million barrels per day to support the market.

According to Reuters calculations, the agreement indicates that Russia should have cut production by between 11.17 and 11.18 million barrels per day.

Rosneft, Russia's biggest oil company, was the biggest contributor to production cuts last month, cutting output by about 1 percent from September.

OPEC production in October jumped from its lowest level in eight years due to a rapid recovery in Saudi oil production after attacks on two oil facilities, exceeding the impact of losses in Ecuador and voluntary production cuts under the OPEC agreement.

Natural gas production in Russia rose to 61.97 billion cubic meters last month, two centimeters a day, compared with 55.94 billion cubic meters per day in September.

Source Sky News

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