UPDATE 2-Russia cuts oil output in February but compliance is low - sources
(Writes through, adds detail, analyst comment)
By Olesya Astakhova and Vladimir Soldatkin
MOSCOW, March 1 (Reuters) - Russian oil production fell in February to around 11.10 million barrels per day (bpd), from over 11.2 million bpd in October, two sources familiar with the data told Reuters on Wednesday, showing weak compliance with agreed supply curbs.
Russia pledged to cut its oil output by 300,000 barrels per day in the first half of 2017 under an agreement with the Organization of the Petroleum Exporting Countries and non-OPEC countries reached in December to lift prices. Russian Energy Minister Alexander Novak has said the cuts will be gradual; 200,000 bpd in the first quarter and the targeted 300,000 should be reached in April.
According to Reuters calculations, Russia's cut from the October level - the baseline for agreed cuts - reached 100,000 bpd in February, resulting in a compliance of just 33 percent.
Reuters uses tonnes/barrels ratio of 7.33.
By contrast OPEC compliance is 94 percent, due to a steep reduction by Saudi Arabia. In January, Russian oil production was 11.11 million bpd. Amrita Sen from consultancy Energy Aspects said Russia's cuts so far had been broadly in line with what it had promised.
"However the market remains fixated on the 300,000 bpd and of course the full effects of the cuts won't be felt until the 300,000 bpd has been taken off the market," she said.
OPEC agreed to cut its own output by about 1.2 million barrels per day (bpd) from Jan. 1 in the first such deal since 2008 to try to get rid of a glut. Non-OPEC countries pledged to cut about half as much.
Overall, global oil supplies fell by around 1.5 million bpd in January, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with December's deal, the International Energy Agency said last month. Previous OPEC initiatives to cut output have been undermined by non-compliance. The strong adherence by members this time has helped lift oil prices , which are trading above $56 per barrel, up from $35 a year ago.
The International Energy Agency said last month it is impressed with OPEC's compliance, calling it a record level. The Russian Energy Ministry will issue official production data for February on Thursday. On Monday, Russian Energy Minister Alexander Novak said the country could cut production faster than previously expected. (Editing by Susan Thomas)