Oil production in Russia increased on the eve of a key meeting in Doha. In March, oil production has increased to its highest level in almost Rosciyskoy Federation for 30 years , increasing fears that the major manufacturers do not reach an agreement to freeze the production of this month.
In March, Russia produced 10.91 million barrels of oil per day, reaching its highest level since 1987, when the country produced 11.5 million barrels per day. Data last month showed an increase in production by 0.3% from February's levels, when the country produced 10.88 million barrels.
The data cast doubt on the possibility of a successful agreement between the major producers to freeze its oil production from January levels. Recall, Russia, Saudi Arabia, Venezuela and Qatar, in mid-February reached a preliminary agreement on limiting production in the hope of stopping the constant decrease in the cost of oil.
Oil prices fell sharply from its recent highs amid fears that the meeting in Doha may be unsuccessful. US WTI oil prices fell by 6.8% over the past week, the cost of Brent crude oil fell by 4.3%. On Monday, the price of oil has changed a bit.