Oil firms start to boost production

摘要

Russian producers have started to increase output, with state-controlled Rosneft leading the way. Russian output rose above 11mn b/d in June, taking Russia well above its 10.88mn b/d target under the Opec/non-Opec agreement. Crude and condensate production increased by nearly 1pc on the month to 11.02mn b/d, preliminary energy ministry data show. This is the first time that oil production has exceeded 11mn b/d since March last year. Russia plans to raise output by 200,000 b/d above the 10.88mn b/d cap from this month, oil minister Alexander Novak says, as its part of a wider agreement to increase output by 1mn b/d reached by Opec and its non-Opec partners in Vienna on 23 June.