Russia cut oil output in March, production down 1.6% from peak

Russia trimmed its oil output in March to 11.05 million barrels per day (bpd). This means a 1.6% drop from the post- Soviet high of 11.23 million barrels in October. 

The non-OPEC heavyweight is set to reduce its output by 300,000 (bpd) by the end of April. 

Despite the global output cut deal, oil markets remain in a glut, largely due to a rise in the US oil output. It remains to be seen if Russia along with OPEC members extends the output cut deal beyond June.