Russia’s oil output was on the rise, according to government data.
The country produced 2.5% oil year-on-year.
Oil production is December was 347.4 million barrels – up 3.5% from December 2015. Lukoil recorded a 2.8% decline in oil production, while Bashneft achieved a 6.3% increase year-on-year.
The increase comes after a landmark decision by both OPEC and non-OPEC members to curb production. Under the terms, which came into effect on Monday, OPEC members must cut 1.2 million barrels per day from their overall production. Non-OPEC members are expected to cut 558,000 barrels.
Elsewhere, oil reached an 18-month high. Read more here.
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