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2016-05-15 11:15:00

RUSSIAN OIL UP

RUSSIAN OIL UP

Russian Energy Minister Alexander Novak told reporters on Thursday that the global oil surplus stood at 1.5 million barrels per day (bpd) and that the market might not balance out until the first half of 2017.

A deal to freeze oil output by OPEC and non-OPEC producers fell apart last month after Saudi Arabia demanded that Iran join in, ruining any chance of sealing what would have been the first such cooperation plan in 15 years.

"This (the forecast that the market won't balance until the first half of 2017) is an optimistic forecast as oversupply persists and the decline in production volumes is slower than analysts expected," he said.

Novak had previously said the Doha deal would have sped up the process of rebalancing the oil market by three to six months, with oil prices rising to $50 per barrel toward the end of this year.

On Thursday, he said no new talks on an oil output freeze were being held with other producers, but that Russia was ready to return to the subject if other countries proposed it.

"We don't have any talks on this subject at the moment. The situation with oil prices is more or less normal, stable, and is satisfying many countries," Novak said.

He was also quoted by the RIA news agency as saying separately that Russia and Qatar planned to discuss the situation on global oil markets at an intergovernmental commission meeting in Moscow on June 3, the day after a regular OPEC gathering in Vienna.

NEW HIGHS

Russian oil output fell slightly to 10.84 million barrels per day (bpd) in April, down from its highest level in nearly 30 years in March of 10.91 million bpd. Sources close to the energy ministry attributed the decline to seasonal maintenance at oilfields and refineries.

Novak said he expected Russia to produce 540 million tonnes (10.81 million bpd) or more of oil this year, up from 534 million tonnes in 2015.

According to Vygon Consulting, an independent analytical firm, Russian oil and gas condensate production may reach 544.6 million tonnes this year, rising to 565 million tonnes in 2017.

Grigory Vygon, managing director at the firm, told a briefing on Thursday that the rise was expected on the back of recently launched greenfields such as Gazprom Neft's Arctic offshore Prirazlomnoye field, Bashneft's Trebs and Titov among others.

Russian oil production was rising despite a fall in oil prices because the weak rouble was compensating for low prices, he said. If the rouble strengthened and taxes rose, he said his forecast would need to be changed.

reuters.com

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Earlier: 

RUSSIAN OIL PRICE 

ФУНДАМЕНТАЛЬНЫЕ РЫНОЧНЫЕ ФАКТОРЫ 

СОТРУДНИЧЕСТВО КИТАЯ И РОССИИ 

RUSSIA CUTS PRICE 

РОССИЯ АБСОЛЮТНО КОНКУРЕНТОСПОСОБНА 

РОСТ СПРОСА: 1 МБД 

ОСНОВНАЯ ЦЕЛЬ - КОНСОЛИДАЦИЯ 

БОЛЬШЕ РУССКОЙ НЕФТИ 

 

 

Tags: RUSSIA, OIL, PRODUCTION

Chronicle:

RUSSIAN OIL UP
October, 20, 12:10:00

NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

RUSSIAN OIL UP
October, 20, 12:05:00

ЦЕНА URALS: $ $55,55881

Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2017 года составила $55,55881 за баррель, или $405,6 за тонну.

RUSSIAN OIL UP
October, 18, 19:10:00

OIL PRICE: ABOVE $58

Brent crude futures, the international benchmark for oil prices, were at $58.16 at 0643 GMT, up 28 cents, or 0.5 percent from their last close - and almost a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures were at $52.03 per barrel, up 15 cents, or 0.3 percent, and almost a quarter above mid-June levels.

RUSSIAN OIL UP
October, 18, 19:05:00

РОССИЯ: БОЛЬШЕ НЕФТИ И ГАЗА

Александр Новак отметил рост основных показателей всех отраслей энергетики в прошлом году: «Мы имеем рекордные показатели за прошлый год по добыче нефти, угля. Идёт рост добычи и экспорту газа, в том числе в Европу на уровне 15 процентов. По углю мы наблюдаем рост добычи даже больше уровня прошлого рекордного года. Также отмечается рост производства электроэнергии на 2%, что говорит об оживлении экономики».

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