August 29, 2019 / 9:30 AM / 25 days ago

Russia's oil output rises to 11.31 mln bpd Aug 1-28 -sources

MOSCOW, Aug 29 (Reuters) - Russia’s oil output C-RU-OUT rose to 11.31 million barrels per day (bpd) in August 1-28, two sources familiar with the data told Reuters on Thursday, higher than the rate Moscow has pledged to cap output at under a pact with other producers.

Under a deal agreed OPEC member states and other oil producers, Russia has agreed to reduce output by 228,000 bpd from an October 2018 baseline.

According to Reuters calculations, which use a tonnes/barrel ratio of 7.33, that indicates it should cap output at around 11.17 -11.18 million bpd.

It produced 11.15 million bpd in July and this month is heading for its highest monthly average since February, when it reached 11.34 million bpd.

Russia’s energy ministry declined to comment.

Last month, OPEC agreed to extend oil supply cuts until March 2020 as producers aim to prop up prices amid a weakening global economy and soaring U.S. output. (Reporting by Olesya Astakhova and Gleb Gorodyankin; writing by Vladimir Soldatkin; editing by Jason Neely)

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