Russia's oil output down to 9.45 mln bpd on May 1-11 – Reuters

Citing sources familiar with the data, Reuters reports that Russian oil and gas condensate production dropped to 9.45 million barrels per day (bpd), on May 1-11, as the country complies to the OPEC+ output cut deal.

Reuters added, “the decline is from 11.35 million bpd Russia produced on average in April and from the 9.5 million bpd produced on May 1-5.”

Market reaction

The above headlines add to the bullish tone around oil prices, as WTI looks to regain $25 mark, up 3% on a daily basis.