RUSSIA'S OIL PRODUCTION DOWN 30 TBD
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.
"We are gradually lowering output, our plan is that overall in January it will be 50,000 b/d less than in October," Novak said told reporters when asked about production volumes in January -- the first month that restrictions agreed upon in December came into force.
"Today we have already cut around 30,000 b/d from the October level. This is a preliminary figure," Novak said.
Russia has pledged to cut around 230,000 b/d from October volumes of 11.421 million b/d under the latest agreement. It is planning to do so gradually, reaching the target by the end of the first quarter. Novak said previously that this is because Russia cannot adjust output immediately due to the specifics of its climate and geology.
The country's crude oil and condensate production hit a record high of 11.45 million b/d in December, as Russian producers increased output ahead of the new restrictions coming into force.
-----
Earlier:
2019, January, 11, 11:50:00
РЕКОРДЫ ЭНЕРГЕТИКИ РОССИИМИНЭНЕРГО 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.
|
2019, January, 4, 12:00:00
RUSSIA'S OIL PRODUCTION: 11.16 MBDREUTERS - Russian oil production rose to a post-Soviet record high of 11.16 million barrels per day (bpd) last year on an annual average basis, data from its energy ministry showed.
|
2019, January, 4, 11:55:00
OIL PRICE LEVEL: $60 - 70MEOG - A $60-70 per barrel oil price level appears adequate to incentivise sufficient long-term supply. The cost to develop both tight oil resources and conventional upstream oil projects has declined significantly since the oil price collapse of 2015-16.
|
2018, December, 26, 07:40:00
ОПЕК + РОССИЯ: МИНУС 2.5%МИНЭНЕРГО РОССИИ - Принято консолидированное решение о совместных действиях с коллегами из ОПЕК и не ОПЕК по сокращению добычи на 2,5% для стран ОПЕК и 2% для стран не ОПЕК.
|
2018, December, 26, 07:35:00
MARKET WILL BE BALANCEDREUTERS - “I think that during the first half, due to joint efforts, which were confirmed by the OPEC and non-OPEC countries this December, the situation will be more stable, more balanced,” Novak said in an interview on Rossiya-24 TV. |
2018, December, 14, 09:20:00
RUSSIA - SAUDI ARABIA COOPERATIONIEA - Cooperation between Russia and Saudi Arabia is now the basis of production management with these two countries having a large capacity to swing output one way or the other. For them, prices falling further would place their budgets under great stress. |
2018, December, 12, 09:10:00
RUSSIA WILL CUT 50 TBDPLATTS - Russia will cut its liquids output by 50,000-60,000 b/d in January under the latest agreement with OPEC, energy minister Alexander Novak said Tuesday. "The monthly schedule for the output cut has already been [set]... We expect output will be cut by at least 50,000 b/d-60,000 b/d in January," he said, as reported by Prime news agency. |