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2018-08-03 10:05:00

RUSSIA'S OIL PRODUCTION UP TO 11.2 MBD

RUSSIA'S OIL PRODUCTION UP TO 11.2 MBD

PLATTS- Russia's July crude oil and condensate output rose 1.4% month on month to 11.215 million b/d, in line with Russia's pledge in late June to boost output under the deal with OPEC and other non-OPEC producers, preliminary data by the Central Dispatching Unit, the statistical arm of the energy ministry, showed Thursday.

Russia produced 47.429 million mt of liquids in July, up 2.4% year on year, it showed.

In daily volumes for July, the country added nearly 149,000 b/d to its June production, according to CDU data and based on a 7.33 barrels per metric ton conversion rate.

Following the decision to amend the output cut deal in June, Russia said it would increase production by 200,000 b/d as part of the group's decision to increase combined output by 1 million b/d. Last week, Russia's energy minister Alexander Novak said the country would bring up to 250,000 b/d of its output cut back to the market in July.

Under the original deal in force since January 2017, Russia had agreed to cut 300,000 b/d from its October 2016 output of 11.247 million b/d.

On Wednesday, Novak said Russian crude and condensate output in July was 40,540 b/d below the October 2016 level. The CDU data, however, puts the volume 32,000 b/d below October's figure that the ministry uses as a base. The ministry previously explained the difference with its use of varied coefficients to calculate daily output depending on the fields the crude comes from.

Russia's crude exports outside the CIS rose by 3.7% month on month to 4.735 million b/d in July, as domestic crude deliveries dropped by 0.2% month on month to 5.994 million b/d, the data showed.

The CIS consists of 11 former Soviet republics -- Russia, Ukraine, Belarus, Uzbekistan, Armenia, Azerbaijan, Turkmenistan, Kazakhstan, Kyrgyzstan, Moldova and Tajikistan.

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Earlier:

 Russia
2018, July, 30, 13:50:00

RUSSIA WILL INCREASE OIL PRODUCTION

PLATTS - "We [expect] that some 200,000-250,000 b/d, out of the 300,000 b/d cut under the production cut deal, will be restored [this month]," Novak said on the sidelines of the BRICS summit in Johannesburg, according to a statement by the ministry's press office.

 Russia
2018, July, 12, 10:35:00

OPEC & RUSSIA 1 MBD: INSUFFICIENT

PLATTS - OPEC's recent decision with Russia and other allies to boost crude output by a combined 1 million b/d may be insufficient to meet global demand in the months ahead, according to the producer group's own forecast.

 

 Russia
2018, July, 12, 10:25:00

RUSSIA CAN ADD 600,000

PLATTS - "We estimate that Russia will retain [roughly] 360,000 b/d of swing capacity at the end of 2018, as oil output ramps up by the agreed 200,000 b/d," a recent report by BofA Merrill Lynch Global Research said. "We expect Russian oil producers to accumulate additional [roughly] 140,000 b/d spare capacity by the end of 2019, bringing the total figure to 500,000 b/d."

 Russia
2018, June, 22, 13:25:00

RUSSIA - SAUDIS SUPER OPEC

BLOOMBERG - Russian Oil Minister Alexander Novak said in a speech yesterday that “we need to build upon our successful cooperation model and institutionalize its success through a broader and more permanent strategically focused framework.” His Saudi counterpart Khalid Al-Falih echoed those comments.

 

 Russia
2018, June, 15, 11:30:00

RUSSIA - SAUDI ARABIA COOPERATION

ARAB NEWS - Saudi Arabia’s Crown Prince Mohammed bin Salman held talks with Russian President Vladimir Putin in Moscow Thursday.

 Russia
2018, May, 7, 08:40:00

RUSSIA'S OIL&GAS EXPORTS UP

OGJ - “I frankly don’t see it as a strategy,” Mitrova admitted. “When we look at Russia’s economy, energy is an important part. Hydrocarbons still represent the biggest share of its federal budget, but their share has dropped from 50% to 40%. There is no consistent long-term plan, and many decisions are driven by short-term adaptations. There is no clear consensus.”

 Russia
2018, April, 23, 14:45:00

РОССИЯ И САУДОВСКАЯ АРАВИЯ - ПАРТНЕРЫ

МИНЭНЕРГО РОССИИ - «Активная позиция позволила обеспечить консенсус ведущих стран-производителей нефти по вопросу реализации «венских соглашений» о добровольной корректировке добычи нефти. Рынок видит успехи наших усилий по сокращению объемов запасов и реагирует позитивным образом", - отметил Александр Новак.

Tags: RUSSIA, OIL, PRODUCTION