Russia increased oil production in March

Oil production in Russia reached high post-Soviet levels in March, as the success of a proposed freeze on crude oil production by OPEC members and other major producers was in doubt.

Russia increased its crude oil and condensate output by 2.1 percent in March from a year earlier to 10.912 million barrels, hitting the previous high of 10.910 million barrels in January.

Most members of the Organization of Petroleum Exporters, Russia and some other groups are scheduled to meet in Doha this month to discuss an exit restriction agreement. Prices fell more than 4 percent on Friday after comments from Saudi Arabia that if any country raises output, the kingdom will also boost sales. Iran has previously said it plans to increase production following the lifting of sanctions.

Saudi Arabia, Russia, Venezuela and Qatar pioneered an agreement in February to cap oil production to reduce global surplus and raise prices, which hit their lowest in January.

Russian oil exports rose 5.1 percent from a year earlier to 5.59 million barrels in March, according to the Energy Department.