According to the date from Russian Ministry of Energy released on Mar 2, the output of Russian crude oil in Feb is 11.11 millions barrel a day. It’s same as the date in January. This date indicated that Russia is not able to cut down the output of crude oil as the agreement of global production cut.
At the end of last year, the organization of petroleum exporting countries (OPEC) members reach an agreement with Russia and some non-OPEC oil-producing countries, in the half of this year, production will be cut down about 1.8million barrels a day to support the oil price.Russia commit to cut 300000 barrels a day, but it will be carry out step by step. In the first quarter, the production cut plan is 200000 barrels a day, by the end of April, the date will reach 300000 barrels a day.
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