Russian High Oil Production Supports Global Oversupply

Relevant data showed that Russian oil and gas production did not be affected by sanctions of the Western, supporting global oversupply and making oil price continue bearing pressure.
Commerzbank claimed that Russian constant high oil production was one of the factors which result in oversupply in global oil market.
The report of Commerzbank claimed that according to the data published by The Ministry of Energy of the Russian Federation, in October, Russian daily crude and gas condensate production was 10.6 million barrels which was slightly less than production in September and the highest production after Soviet Union breaking up.
Last Friday, Abdalla Salem El-Badri, the Secretary of OPEC expressed that the production of every member in 2015 was close to production in this year.  
Analysts of Morgan Stanley claim that if production will not be reduced in November, it does not mean that production reduction will not occur in 2015. Moreover, possibility of enhancing quotas still exits in. Analysts claim that production maybe reduced definitely by the end of this year. 
Russian High Oil Production Supports Global Oversupply
Sep 23,2016
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