Russian oil extraction stood at 10.95 million barrels per day (MMbpd) in February and has been steady for the past three months as a decline at small producers has been offset by a ramp-up in production by majors, Energy Ministry data showed on March 2.

Russian Energy Minister Alexander Novak said on March 1 that Russia was in full compliance with its obligations under a global deal to cut oil production.

He said Russia cut oil production by 300,400 bbl/d last month.

Under the OPEC-led output pact Russia promised to reduce its output by 300,000 bbl/d from 11.247 MMbbl/d—the record high reached in October 2016.

In tonnes, oil output reached 41.836 million versus 46.306 million in January.   

The data shows that Russia's leading oil producers Rosneft and Lukoil both increased output by 0.1% last month from January.

Gazprom Neft, the oil arm of Russian gas giant Gazprom, boosted output month on month by 1.7% thanks to active development of new oilfields.

So-called small producers cut output by a combined 0.5% last month to 6.152 million tonnes (1.61 MMbbl/d).