2019-05-30 18:10:00
RUSSIA'S OIL PRODUCTION 11.12 MBD
REUTERS - Russian oil output fell to 11.12 million barrels per day (bpd) for May 1-29 from 11.23 million bpd in April, two industry sources told Reuters on Thursday, as the country deals with fallout from a crisis over tainted oil in the Druzhba pipeline.
The May 1-29 daily average was the lowest since June 2018, when output fell to 11.06 million bpd, Energy Ministry data showed. It was also down from 11.13 million bpd for May 1-26 on average.
Russia's recent oil output is below the 11.18 billion bpd target Moscow has pledged as part of an international deal among producers to curb production to support prices.
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Earlier:
2019, May, 29, 11:20:00
OIL PRICE: ABOVE $69 YET
Front-month Brent crude futures were at $69.53 a barrel at 0641 GMT, down 58 cents, or 0.8%, from last session’s close. U.S. West Texas Intermediate (WTI) crude futures were at $58.46 per barrel, down 70 cents, or 1.2%, from their last settlement.
2019, May, 27, 11:40:00
OILFIELD SERVICES RATING DOWN
"Oilfield services companies will no longer be able to generate the high operating margins they did in 2014," Carin Dehne-Kiley, an analyst at S&P, wrote Friday in a report to investors. "The oilfield services industry has fundamentally changed due to permanent efficiency and productivity gains realized by E&P companies as well as investor sentiment calling for E&P companies to live within cash flow and limit production growth."
2019, May, 24, 10:20:00
OPEC+ COMPLIANCE 168%
Although compliance to the cuts had a slow start, OPEC's JMMC noted in a press release following their meeting in Jeddah, Saudi Arabia, that compliance had hit a record high of 168% in April 2019. Average conformity reached 120% since January 2019.
2019, May, 24, 10:10:00
OPEC+ RUSSIA'S ECONOMY
Russia’s GDP unexpectedly grew just 0.5% in the first quarter, below all 14 estimates in a Bloomberg survey. That compares with a 2.7% increase in the last three months of 2018, which was the highest in more than six years as crude output reached a record 11.45mn barrels a day in December, according to ministry data as Opec+ curbs eased.
2019, May, 21, 15:40:00
OPEC+ WILL STAY
"We want to bring inventories down to a more normal levels," Falih said. "We need to stay the course and do that in the weeks and months to come."
2019, May, 21, 15:35:00
OPEC+ RUSSIA COOPERATION
Russia sees a range of options that would allow OPEC+ to continue output cooperation until year-end, from easing the limits to ending the extreme throttling-back that has seen some countries exceed original cutback targets.
2019, May, 20, 11:40:00
OPEC+ ISN'T COMPLETE
OPEC+ would take action to offset losses of Iranian supply if market fundamentals justified it. However, no policy changes will be made until the next full OPEC+ meeting in Vienna, in June.
