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2014-05-03 19:58:00

RUSSIAN OIL: OUTPUT DOWN

RUSSIAN OIL: OUTPUT DOWN

Russian oil output, the world's largest, slipped by 0.2 percent to 10.54 million barrels per day in April, declining for the fourth month in a row as production from new fields failed to offset a slowdown from mature deposits.

This is the longest streak of declining monthly output for years and is a negative signal for the state budget, half of whose revenues come from sales of oil and gas.

Energy Minister Alexander Novak has forecast oil production will be flat or slightly higher this year.

In tonnes, oil production was 43.119 million last month.

March output was 10.56 million barrels per day (bpd).

Oil output has declined every month this year, after touching a post-Soviet monthly high of 10.63 million bpd in December.

Crude exports via the Transneft pipeline monopoly rose to 17.578 million tonnes from 16.792 million tonnes last month as demand for oil declined at domestic refineries during the maintenance season.

"Without new major greenfields coming online this year, Russian output lacks an engine of growth," Vienna-based JBC Energy said last month.

"However, the really worrying sign for the Russian output outlook stems from the fact that Russian majors (and in particular Rosneft) seem to have run into difficulties halting decline rates at mature West Siberian key assets," it added.

Rosneft's production, which accounts for 40 percent of Russia's output, was flat in April, at 3.8 million bpd.

Output at Lukoil, Russia's No.2 oil producer, dipped 0.2 percent. The company managed last year to arrest an output decline that lasted three years, thanks to new acquisitions.

Production at Gazprom Neft, the oil arm of natural gas producer Gazprom, fell by 0.6 percent in April, month-on-month.

Russia's daily natural gas production declined to 1.73 billion cubic metres (bcm) per day last month from 1.83 bcm in March.

Gas output at Gazprom fell to 1.16 bcm from 1.26 bcm in March on the back of declining seasonal demand.

reuters.com

Tags: OIL, RUSSIA, GAS, ROSNEFT, GAZPROM, LUKIOL

Chronicle:

RUSSIAN OIL: OUTPUT DOWN
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

RUSSIAN OIL: OUTPUT DOWN
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

RUSSIAN OIL: OUTPUT DOWN
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

RUSSIAN OIL: OUTPUT DOWN
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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