Russian oil output breaches OPEC target again ahead of Vienna talks

Russia currently has about 500,000 barrels a day of spare production capacity, according to Gazprom Neft PJSC, the country's third-largest producer

Russia breached its oil-output quota agreed with OPEC for a third straight month as the producing alliance prepares for crucial talks this month on increasing supplies.
 

Oil output averaged 10.97 million barrels a day in May, almost unchanged from a month earlier, according to data emailed Saturday by the Energy Ministry’s CDU-TEK statistics unit. That means its compliance with the production quota of 10.95 million was close to 95 per cent, same as in April. In March, the rate was 93 per cent.
 

Russia and Saudi Arabia last month signalled they may start increasing supplies in the second half of