FX.co ★ Russia’s daily oil output hits 30-year high

Russian daily oil production grew to a 30-year high of 10.98 million barrels per day in 2017 from 10.96 million barrels per day in 2016.

The country’s oil and condensate production decreased by 0.1% last year to 548.8 million tons.

Russia's 2016 oil output hit a post-Soviet record high average several times, starting from March. But on the whole, Russia produced more oil in 2017 than a year before.

In its deal with OPEC, Russia pledged to cut production by 300,000 barrels per day from the levels in October 2016.

According to the Central Dispatching Department of Fuel and Energy Complex, Russia’s oil exports grew by 1% in 2017 from 2016, hitting 256.787 million tons.

The country’s oil exports to the CIS countries decreased by 0.4% to 18 million tons in 2017. Meanwhile, domestic oil exports came in at 286.57 million tons, down 0.2% from the same period a year ago.