Putin opens production at new Russian oil field as output hits record

• Russian Pres. Putin officially launched production at the new Vostochno-Messoyakhskoye oil field on the Yamal Peninsula today, a day after the country's production touched a record high 11.75M bbl/day.
• The new field, which is being jointly developed by Gazprom (OTCPK:OGZPY) and Rosneft (OTCPK:RNFTF), should add ~12K bbl/day to Russia's production this year, with another two fields planned for start-up later this year.
• Russian oil output is expected to reach 10.95M bbl/day this year, up from the previous record high 10.72M bbl/day in 2015.