File - Russian Prime Minister Dmitry Medvedev inspects the Khabarovsk refinery of the Alliance oil company in Khabarovsk in the Russian far east, April 25, 2014. REUTERS/Alexander Astafyev/RIA Novosti/Pool
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Oil supplies in Iraq and Russia surged to the highest levels in decades, signaling no respite in early 2015 from the glut that has pushed crude prices to their lowest in five years.Russian oil production rose 0.3 percent in December to a post-Soviet record of 10.667 million barrels a day, according to preliminary data emailed Thursday by CDU-TEK, part of the Energy Ministry. Iraq exported 2.94 million barrels a day in December, the most since the 1980s, Oil Ministry spokesman Asim Jihad said. The countries provided 15 percent of the world's oil in November, according to the International Energy Agency. Iraq exported 5.579 million barrels of Kirkuk oil in December, equivalent to about 180,000 barrels a day, Oil Ministry spokesman Jihad said by text message Thursday.
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