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Russia's oil production hits 25-year high

Xinhua, September 7, 2016 Adjust font size:

Russia's daily oil production approached 11 million barrels in recent months, hitting a record high since 1991, a Russian newspaper reported Wednesday.

"Oil production amounted to 10.71 million barrels per day in August 2016, although it was down 1.6 percent month on month. However, daily oil production increased by 0.1 percent in August 2016 compared with the same month in 2015," Russia's daily Kommersant reported.

The rising oil production preceded a historic agreement signed by Russia and Saudi Arabia on Sept. 5 on the sidelines of the G20 summit in the Chinese city of Hangzhou to stabilize oil prices.

Under the deal, the two countries will form a working group to monitor the market and draft recommendations to stabilize oil prices and ensure steady investment in the industry.

Saudi Arabia and Russia are both major oil exporters and experienced substantial drops in revenues since the oil price slump began in June 2014, when oil was traded at 110 U.S. dollars a barrel.

Oil hit a 13-year low of less than 27 dollars a barrel at the beginning of 2016. Endi