Bloomberg: Russia said to boost oil output as commitment to OPEC cuts wanes

Published June 11, 2018 at 9:49 pm

(FromL) Anchor Stephen Sedgwig, Secretary Genral of OPEC Mohammed Barkindo, Russian Energy Minister Alexander Novak, Minister of Petroleum of Venezuela Eulogio Del Pino, Chief Executive of Total Patrick Pouyanne, Vice President of Lukoil Leonid Fedun, Integrated Gas and New Energies Director of Royal Dutch Shell Maarten Wetselaar, and President and CEO of GE Oil Lorenzo Simonelli, attend a meeting during the 23rd World Energy Congress on October 11, 2016 in Istanbul.A pledge on October 11 by Russian President Vladimir Putin to work with OPEC in imposing output curbs had pushed oil prices up to their highest level for a year.

Photo by AFP

Russia is showing signs of weakening its commitment to oil-supply cuts as production rises before crucial talks with OPEC about the future of the agreement.

The nation boosted crude supply to the highest in 14 months in the first week of June as some companies breached their caps, said a person with knowledge of the matter. While both the Kremlin and oil bosses remain publicly committed to the accord, production of 11.09 million barrels a day exceeds the 10.95 million limit agreed with OPEC, the official said. The figures were first reported by Interfax.