Published: Wed, January 03, 2018
Global News | By Stacy Ballard

Russian Daily Oil Output Edges Up in 2017 to 30-Year High

Russian Daily Oil Output Edges Up in 2017 to 30-Year High

Brent crude futures, the global benchmark, were also down at around $66.67 USA a barrel after hitting a May 2015 high of $67.29 United States earlier in the day. The benchmark Brent contract is trending at $67-plus/barrel while West Texas Intermediate (WTI) is at $60-plus.

USA oil prices closed above $60 a barrel on the final trading day of the year, the first time since mid-2015, as the commodity ended 2017 with a 12 percent gain spurred by strong demand and declining global inventories.

While the OPEC-led deal "leaves room for an earlier exit than currently scheduled, we now reflect this resolve in our supply forecast, with full compliance for longer and a more modest exit rate", Goldman analysts said in the research note.

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"Geopolitical risks are clearly back on the crude oil agenda after having been absent nearly entirely since the oil market ran into a surplus in the second half of 2014", Bjarne Schieldrop, chief commodities analyst at SEB, said, also citing Kurdistan and Libya.

"I see no impact on the production and export", one Iranian oil industry source said, speaking on condition of anonymity. If the deal holds until the end of this year, Russia's oil production growth could stall, considering its commitment to the pact.

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Oil prices were up slightly on Thursday as a pipeline outage in Britain continued to lift Brent crude prices.

Oil markets have been supported by a year of production cuts and strong demand from China.

Russia's oil production in December 2017 was 10.95 million bpd, up from 10.94 million bpd in November, driven by 0.2-percent growth in production at the biggest oil firm, Rosneft. In the next part, we'll analyze the influence of oil prices on United States crude oil production. In the last quarter of 2016, Russia's production had hit a post-Soviet era high, while year over year in 2016, production grew to 10.96 million bpd, from 10.72 million bpd in 2015.

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