Russia raises oil output prior to global supply cut.

Russia raised oil and gas condensate output in April to 46.45 million tonnes, or 11.35 million barrels per day (bpd), from 11.29 million bpd in March, Interfax reported on Saturday, before it makes cuts this month under a global supply pact.

The report, which cited Energy Ministry data, showed April’s figure was the highest monthly average output C-RU-OUT since January 2019, when it was 11.38 million bpd, Reuters reports.

The Organization of the Petroleum Exporting Countries, Russia and other allied producers, known as OPEC+, agreed last month to cut combined oil output by about almost 10 million bpd, or 10% of global supply in May and June to tackle the economic fallout from the new coronavirus.

The United States, Norway, Canada and Brazil may add cuts that would bring the total reduction to 20 million bpd, or 20% of global supply, although the coronavirus crisis has driven down demand by as much as 30%, driving down prices.

Russia is expected to cut its oil production by 2.5 million bpd from a baseline of 11 million bpd in May and June.

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