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2018-05-04 15:35:00

RUSSIAN CONFORMITY THE DEAL

RUSSIAN CONFORMITY THE DEAL

PLATTS - Russian energy minister Alexander Novak said Thursday Russian conformity to the OPEC/non-OPEC crude oil production cut deal was 95.2% in April.

This indicates that the ministry estimates April output was 285,600 b/d below October 2016 which is the baseline to assess Russian compliance with the deal.

"Fluctuations in liquids output in April were due to increased activity at projects covered by production sharing agreements," Novak said.

On Wednesday the Central Dispatching Unit said Russia produced 44.878 million mt of liquids in April. This is equivalent to around 10.965 million b/d, using Platts conversion rate of 7.33 barrels per metric ton. This indicates Russia's compliance was 94%, at 282,000 b/d below the October 2016 level of 11.247 million b/d.

Russia committed to cut production by 300,000 b/d under the deal.

Energy ministry figures traditionally show higher compliance as they are based on individual coefficients for each field when evaluating the output in barrels, while the CDU data is provided in metric tons, leading to a discrepancy in calculations.

In March, the energy ministry reported compliance with the output cut agreement below 100% for the first time since Russia reached its target at the end of April 2017.

At the time, energy minister Alexander Novak said there had been a seasonal rise in gas demand that resulted in higher gas output and corresponding increase in associated gas liquids that are included in total liquids output.

Novak Thursday also reiterated that Russia is fully committed to balancing the oil market and evening out production volatility.

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Earlier:

 Russia
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БАЛАНС МИРОВОГО РЫНКА

МИНЭНЕРГО РОССИИ - Александр Новак, говоря о перспективах соглашения о балансировке рынка, отметил, что участники рассматривают несколько вариантов дальнейшего сотрудничества. «Главная задача – не создать условия для дисбаланса на рынке», - заключил Министр.

 Russia
2018, April, 23, 14:50:00

РОССИЯ - ОПЕК: 149%

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 Russia
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РОССИЯ И САУДОВСКАЯ АРАВИЯ - ПАРТНЕРЫ

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 Russia
2018, April, 18, 13:12:00

RUSSIA - OPEC DIMENSION

PLATTS - Russia is committed to its OPEC pact with Saudi Arabia and will continue supplying Europe energy despite tensions with the West after US-led strikes on Bashar al-Assad's Syrian regime, said Vladimir Putin's spokesman.

 Russia
2018, April, 13, 18:05:00

OPEC - RUSSIA COOPERATION TO 2019

REUTERS - “There is growing confidence that the declaration of cooperation will be extended beyond 2018,” Barkindo told. “Russia will continue to play a leading role.”

 Russia
2018, April, 13, 17:55:00

HARD OIL MARKET

BLOOMBERG - OPEC said its oil output fell to the lowest in a year last month amid reduced supplies from Venezuela and Saudi Arabia, suggesting global markets may tighten sharply later this year.

 Russia
2018, April, 11, 13:35:00

RUSSIA - OPEC UNLIMITED

PLATTS - Maintaining a long-term oil management alliance with Russia and other allies will allow OPEC producers to react more quickly to changing fundamentals and stabilize the market,

Tags: RUSSIA, OPEC, DEAL, OIL