Moscow to Follow OPEC Decision Maintain Output Level

The Organisation of Petroleum Exporting Countries’ (OPEC's) decision to abstain from cuts in oil production has forced Russia not to proceed with its own cuts, Russian First Deputy Prime Minister Igor Shuvalov, according to TASS news agency.

The OPEC agreed on Thursday to roll over the ceiling of 30 million barrels per day, at least 1 million above OPEC's own estimates of demand for its oil next year.

Oil prices have dived after the decision, reaching a new four-year low. North Sea Brent fell by $2.43, or 3.3 percent on the day, to $70.15 on Friday.

Russia is

Nigeria’s rising oil production increases OPEC output to one-year high

Surging oil production in Nigeria led output from the Organisation of Petroleum Exporting Countries (OPEC) to a one-year high in August, a Bloomberg survey showed.

Production by the 12-member OPEC rose by 891,000 barrels per day (bpd) to 31.033 million, according to the survey of oil companies, producers and analysts.

Last month’s total was revised 80,000 bpd lower to 30.142 million because of changes to the Nigerian and Iranian estimates.

Nigeria, Saudi Arabia and Angola led gains as new deposits came online, security improved and field maintenance programmes ended. Iran and Venezuela were the only