Oil output in Russia may reach 11.37mln barrels per day in 2017

Russian oil output may increase by 0.03 million barrels per day in 2017, thus reaching 11.37 million barrels, the International Energy Agency (IEA) said Tuesday. According to the agency's monthly report, IEA had to adjust its previous 2017 forecast for Russia, decreasing earlier projections by 140,000 barrels per day.The oil output in Russia will gradually decline in the first half of the next year, mostly at mature fields. On December 10, the Organization of the Petroleum Exporting Countries (OPEC) finished a 2-day meeting with non-OPEC countries in Vienna, where non-OPEC countries decided to cut oil output by 558,000 barrels a day, with Russia cutting the output by 300,000 barrels per day. In November, OPEC agreed to cut oil production by 1.2 million barrels per day for the whole cartel.