RUSSIA MAY SEE OIL OUTPUT FALL BY 1MILLION BPD – DEPUTY PM

Russia may see a natural decline in oil output by around 1 million barrels per day (bpd) at most but has no plans to cut production in coordination with OPEC, Deputy Prime Minister Arkady Dvorkovich said on Wednesday.

Russia is the world’s biggest oil producer and output hit a post-Soviet high at an average 10.58 million bpd last year, but Western sanctions over Ukraine and low prices pose a threat to the development of what is the country’s key source of revenue.

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