FILE PHOTO: A view shows a well head and a drilling rig in the Irkutsk Oil Company-owned Yarakta Oil Field in Irkutsk RegionMore
By Olesya Astakhova and Gleb Gorodyankin
MOSCOW (Reuters) – Russia’s oil output in the first five days of May fell to 8.75 million barrels per day (bpd), close to its production target of 8.5 million bpd for May and June under a global deal to cut crude supplies, two sources familiar with the data told Reuters.
Together with gas condensate, or light oil, which is not part of Russia’s target, the country’s output was 9.5 million bpd for May 1-5, the first time it has fallen below 10 million bpd since August 2009.
While the latest data, which showed production of 1.296 million tonnes