Russia produced 10.91 million barrels per day in March. This recorded as the highest in 30 years and raising the doubt on the production freeze.
Alexander Novak
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The Russia-led South Stream undersea gas pipeline is still going ahead, Energy Minister Alexander Novak was quoted as saying on Saturday, following concerns the European Union might be losing enthusiasm for the project.
Brent crude fell below $97 per barrel on Monday, its lowest level in more than two years, as weak Chinese economic data cut the prospect for demand at a time of abundant supply, while expectations that the Federal Reserve will provide new details this week about its plans to raise interest rates lifted the dollar.
The Kremlin's prized oil firm Rosneft is cutting staff and production and selling stakes in Siberian fields in the strongest evidence to date that Western sanctions are hurting what was the world's fastest growing oil firm in recent years.
Russia's Energy Minister Alexander Novak said on Monday that Moscow and Kiev have agreed to hold a new round of talks to resolve a gas crisis on Sept. 6.
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