Russia increases oil and gas production in January-August 2017

Oil and gas condensate extraction in Russia increased by 0.9% yoy in period January-August 2017, amounting to 364.8 million tons. The data was released by the Central Dispatch Management of the Fuel and Energy Complex. In August were produced 46.14 million tons of oil.
Last month, Russia overcharged the plan to cut oil production by 44,000 barrels, according to a yesterday's announcement by the Energy Ministry. With a quota of 300,000 barrels per day, the country cut production by 344,000 barrels per day compared to October 2016, as agreed with OPEC.
Exports of oil from Russia to the so-called distant overseas countries (non-CIS countries) increased by 3.6% to 173.432 million tonnes in the first eight months, while the August's exports reached 21.459 million tonnes.
The gas production in Russia during the eight-month period under review increased by 12.6% on an annual basis to 448.242 billion cubic meters. In August, the gas production amounted to 54,196 billion cubic meters.
Gazprom chief reported earlier that the company's production grew by 20.1% from January to August to 302.6 billion cubic meters.
<iframe width="800" height="580" frameborder="0" scrolling="no" src="https://marketools.plus500.com/Widgets/InstrumentChartContainer?hl=en&cty=GB&isNT=False&id=56435&tags=widg+chart&pl=2&instSymb=CL"></iframe>