Monday , April 12 2021

Russia set a record for oil production


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Russia has set a record high on oil production according to OPEK's November report.

"Russia set a record high in post-oil production in October, when production grew by 50,000 barrels a day compared to last month, averaging 11.6 million barrels a day compared to previous estimates," the organization said.

OPEC increased fuel production in Russia in 2018 to 11.24 million barrels a day from 11.19 million, and next year it is expected to grow to 11.24 million barrels.

The Central Cooperative for Energy Consortium announced Russia's average oil production in October increased by 4.4% a year.

In addition, OPEK reduced the global oil demand forecast from 2019 to 70,000 barrels a day – up to 1.29 million barrels.

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