RUSSIA OIL PRODUCTION 10 MBD
PLATTS - 02 Jan 2021 - Russia produced 42.46 million mt of crude and condensate in December, equivalent to around 10.04 million b/d, according to preliminary data released by the central dispatching unit of the Russian energy ministry Jan. 2.
Output was up slightly on the 41.03 million mt, or 10.03 million b/d produced in November 2020.
Production was down 11% on the 47.65 million mt, or 11.27 million b/d produced in December 2019. This was due to deeper output cuts under the OPEC + agreement in 2020 compared with 2019.
Total crude production reached 512.68 million mt in 2020, equivalent to around 10.27 mil b/d, down 8% on year.
Russia's quota for crude production under the agreement was 8.99 million b/d for August-December, 2020. The deal does not include condensate. Russia has not released a breakdown for crude and condensate production in December, but condensate usually accounts for around 8% of overall output.
From January Russia's quota increases by 125,000 b/d. The group is now meeting on a monthly basis to discuss market conditions and potential changes to output quotas. The next meeting is scheduled for Jan. 4. In late December, Russian deputy prime minister and lead OPEC+ negotiator Alexander Novak said Moscow would support a further increase of 500,000 b/d in the total OPEC+ quota from February if market conditions are stable.
Uncertainty over the impact of the coronavirus pandemic and vaccine rollouts on demand in 2021 is complicating the group's long-term planning.
Russia produced 42.46 million mt of crude and condensate in December, equivalent to around 10.04 million b/d, according to preliminary data released by the central dispatching unit of the Russian energy ministry Jan. 2.
Output was up slightly on the 41.03 million mt, or 10.03 million b/d produced in November 2020.
Production was down 11% on the 47.65 million mt, or 11.27 million b/d produced in December 2019. This was due to deeper output cuts under the OPEC + agreement in 2020 compared with 2019.
Total crude production reached 512.68 million mt in 2020, equivalent to around 10.27 mil b/d, down 8% on year.
Russia's quota for crude production under the agreement was 8.99 million b/d for August-December, 2020. The deal does not include condensate. Russia has not released a breakdown for crude and condensate production in December, but condensate usually accounts for around 8% of overall output.
From January Russia's quota increases by 125,000 b/d. The group is now meeting on a monthly basis to discuss market conditions and potential changes to output quotas. The next meeting is scheduled for Jan. 4. In late December, Russian deputy prime minister and lead OPEC+ negotiator Alexander Novak said Moscow would support a further increase of 500,000 b/d in the total OPEC+ quota from February if market conditions are stable.
Uncertainty over the impact of the coronavirus pandemic and vaccine rollouts on demand in 2021 is complicating the group's long-term planning.
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