Russian oil output neared record figures during May, despite speculation before an OPEC meeting this week that major producers may cooperate to curb a global supply surplus. “Production of oil and natural-gas condensate climbed 1.6 percent from a year earlier to 10.708 million barrels a day, close to January’s post-Soviet record of 10.713 million barrels a day, according to preliminary data from the Energy Ministry’s CDU-TEK unit.

“Russian output has proven to be pretty resilient to the fall in prices, and they will not have a problem keeping production up for the next year or two,” said James Henderson, who researches the Russian oil industry at the Oxford Institute for Energy Studies. The Organization of Petroleum Exporting Countries, meeting June 5 in Vienna, will probably maintain its output target of 30 million barrels a day, according to a Bloomberg survey.” [Fuelfix]

U.S. stocks closed lower after a slump in utilities offset a gain by energy stocks. “Investors were also following the latest economic news and negotiations between Greece and its creditors Tuesday.

Treasury yields rose on signs that global inflation may be rising. A report from Europe showed that consumer prices are increasing there for the first time in six months.” [The NY Times]

A group of scientists and economists is calling for the equivalent of the Apollo space programme to produce cheap, clean energy. “A group of academics from the Royal London Society have stated an effort similar to the Apollo Space programme  is needed to make renewables cheaper than coal within a decade. The group of experts call their project Global Apollo.

They say they have generated interest from major nations in their plan for an investment of 0.02% of their GDP into research, development and demonstration (RD&D) of clean electricity.” [BBC News]

Kremlin photo courtesy of Shutterstock.