Russian oil output down in February

MOSCOW, Mar 03 (Reuters): Russian oil output stood at 11.34 million barrels per day (bpd) 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 Saturday.

This was also down from 11.38 million bpd in January. In tonnes, oil output reached 43.303 million versus 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 per cent and 0.5 per cent month-on-month, respectively.

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

Russian oil pipeline exports in February stood at 4.480 million barrels per day, up from 4.313 million bpd in January.

The OPEC and other large oil producers led by Russia agreed to cut their combined oil output by 1.2 million bpd starting from Jan. 1.