Russian oil output stays near record level as OPEC set to meet

MOSCOW, Russia (Bloomberg) -- Russian oil output in November hovered near a post-Soviet record set the previous month, shrugging off a crude-price slump before OPEC gathers for its annual meeting in Vienna.

Production of crude and gas condensate averaged 10.779 MMbpd during the month, according to data from the Energy Ministry’s CDU-TEK unit. That’s an increase of 1.3% from a year earlier and slightly beneath the 10.782 MMbpd record in October.

The Organization of Petroleum Exporting Countries meets on Dec. 4 to discuss its output limit a year after it chose to defend market share rather than cut production amid a supply glut. That decision compounded the price slump as Saudi Arabia pursued a policy that squeezed U.S. shale producers and other higher-cost output.

Russia, which isn’t a member of OPEC, continues to build output as a weakened ruble reduces costs for drilling and the nation’s tax system helps compensate for the lower price.

Crude exports reached 5.32 MMbpd in November, an 11% gain from the previous year and a 2.4% decline from the previous month.