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2016-12-26 18:45:00

RUSSIA CUTS PRODUCTION BY 2.5%

RUSSIA CUTS PRODUCTION BY 2.5%

REUTERS - Russia's output of oil products is expected to fall by about 2.5 percent in 2017 due to further work on a massive refinery modernisation programme aimed at boosting fuel quality, a deputy energy minister said.

In 2011, the government and oil producers agreed on the $50 billion initiative to update Russia's refineries, most of which were built in the 1940s and 1970s.

Russia's gasoline supplies almost ran dry in 2011 due to a lack of modern refining capacity, angering many voters in the run-up to Vladimir Putin's election to a third presidential term.

Deputy Energy Minister Kirill Molodtsov told a briefing in comments cleared for publication on Monday that the country would produce 277 million tonnes of oil products in 2016, falling to an estimated 270 million tonnes of higher quality fuels in 2017.

"This is mainly related to the rise in refinery yield," he said, adding that he did not expect fuel shortages next year despite extensive plans for refinery maintenance.

He said gasoline production was estimated at 39.8 million tonnes in 2017, with diesel output seen at more than 70 million tonnes.

Production of fuel oil could decline by more than two million tonnes due to an increase in export duty from Jan. 1 2017.

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Earlier: 

RUSSIA SANCTIONS EVERMORE 

RUSSIA SANCTIONS FOREVER 

THE HOPE OF RUSSIA'S ECONOMY 

OPEC - RUSSIA DEAL 

IMF: EXTERNAL RISKS FOR RUSSIA

 

 

 

Tags: RUSSIA, OIL, PRODUCTION

Chronicle:

RUSSIA CUTS PRODUCTION BY 2.5%
2018, May, 21, 10:40:00

U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

RUSSIA CUTS PRODUCTION BY 2.5%
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

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RUSSIA CUTS PRODUCTION BY 2.5%
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.

RUSSIA CUTS PRODUCTION BY 2.5%
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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