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2019-01-18 10:40:00

RUSSIA WILL CUT FASTER

RUSSIA WILL CUT FASTER

BLOOMBERG - Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.

"Of course, we will try to make the cuts faster," Energy Minister Alexander Novak told reporters in Belgrade, Serbia. "We have our limitations of a technological nature, yet we will aim to reach the levels we agreed on."

Novak's comments come just days after Saudi Energy Minister Khalid Al-Falih said Russia's production curbs have "started slower than I like." The country's output level, along with that of Saudi Arabia, is crucial in ensuring the success of the Organization of Petroleum Exporting Countries and its allies' plan of taking oil out of the market to ensure higher prices.

Russia has pledged to gradually cut its output by 228,000 barrels a day within the first quarter and maintain the cap in the second. The nation's average production in the first half of the year could be about 130,000 barrels a day lower than its October level, the baseline it agreed to, according to calculations based on OPEC's report Thursday.

The slower pace of Russia's production cuts is a result of the winter freeze in Siberia, the nation's key oil province, Novak said, reiterating earlier comments. "We have special conditions," he said. "We cannot ensure sharp declines in principle."

OPEC itself lowered production by more than 750,000 barrels a day in December, even before the official agreement went into effect this month. Saudi Arabia accounted for just over half of that reduction.

Novak plans to meet Al-Falih during the World Economic Forum in Davos, Switzerland, next week to discuss the OPEC+ deal, he said.

  

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PLATTS - Russia has already lowered its oil output by around 30,000 b/d compared with October volumes, used as a baseline under the latest OPEC/non-OPEC crude production agreement, and still plans to reach a cut of 50,000 b/d by the end of January, Russian energy minister Alexander Novak said Friday.

 

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РЕКОРДЫ ЭНЕРГЕТИКИ РОССИИ

МИНЭНЕРГО РОССИИ - “В нефтяной отрасли мы в 2018 году по итогам года добыли 556 миллионов тонн нефти. Это на 10 миллионов тонн больше, чем в 2017 году. Прирост составил 1,6 процента. Было введено в эксплуатацию 54 месторождения. В газовой отрасли также побит 18-летний рекорд по добыче – 725 миллиардов кубических метров газа добыто. Это составляет примерно пятипроцентный прирост к 2017 году”, - сообщил Александр Новак.

 

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2019, January, 9, 11:15:00

OPEC OIL PRODUCTION DOWN 630 TBD

PLATTS - OPEC crude production in December tumbled 630,000 b/d month on month, an S&P Global Platts survey of industry officials, analysts and shipping data showed Tuesday, but the organization still has much more cutting to do to reach its new quotas for 2019.

 

 Upstream
2019, January, 9, 11:10:00

SAUDI'S OIL PRODUCTION DOWN 400 TBD

MEOG - Saudi Arabia reportedly cut its crude production by more than 400,000 barrels per day (bpd) in December 2018. Saudi crude production sat at 10.65 million bpd (mbpd) that month, down from 11.07 mbpd in November.

 

 Upstream
2019, January, 4, 11:50:00

OPEC PRODUCTION DOWN 530 TBD

AB - oil output from the Organization of Petroleum Exporting Countries fell 530,000 barrels a day to 32.6 million a day last month. It’s the sharpest pullback since January 2017, when the group first embarked on its strategy to clear the glut created by rising supplies of US shale oil.

 

 

Tags: RUSSIA, OPEC, OIL, PRODUCTION
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