MOSCOW—Russian oil output stood at 11.34 million barrels per day (bbl/d) in February, down some 75,000 barrels per day from the October level, the baseline for a global deal, but still missing the accord target, Energy Ministry data showed on March 2.

This was also down from 11.38 million bbl/d in January. In tonnes, oil output reached 43.303 million vs. 48.113 million in January. The production data was in line with what a source told Reuters on Friday.             

All the Russian majors reduced their output. Russia’s largest oil producer Rosneft and No. 2 Russian oil company by output, Lukoil, cut their output by 0.6% and 0.5% month-on-month, respectively.

Production at Gazprom Neft, the oil arm of gas giant Gazprom, slipped by 1.9% last month.

Russian oil pipeline exports in February stood at 4.480 million bbl/d, up from 4.313 million bbl/d in January.

OPEC and other large oil producers led by Russia agreed to cut their combined oil output by 1.2 million bbl/d starting from Jan. 1 to evenly balance the market and prop up weak oil prices.

Of that, Russia undertook to cut 228,000 bbl/d from October 2018, the baseline for the agreement.

Russian Energy Minister Alexander Novak said on March 1 that Russia cut its oil output by 97,000 bbl/d in February from October. He has said Russia would reach its reduction target during the first quarter.

Reuters uses tonnes/barrels ratio of 7.33.

OPEC and non-OPEC producers will review the agreement in mid-April in Vienna and Novak told reporters that it was too early to say if the deal would be expanded beyond its initial span of the first six months of the year.

 So far, OPEC’s cuts have been more robust in comparison to Russia’s.

OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Gulf allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary drop.

Crude oil has risen to $66 a barrel after a dip below $50 in December, boosted by the output curbs in the OPEC countries and the prospect of lower supply from Venezuela after U.S. President Donald Trump imposed sanctions on its oil industry.

Russian natural gas production was at 61.8 billion cubic metres (bcm) last month, or 2.21 bcm a day, vs. 67.43 bcm in January.