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2020-12-02 14:40:00

RUSSIA'S OIL PRODUCTION 10 MBD

RUSSIA'S OIL PRODUCTION 10 MBD

PLATTS - 02 Dec 2020 - Russia produced 40.96 million mt of crude and condensate in November, equivalent to around 10 million b/d, according to preliminary data released by the central dispatching unit of the Russian energy ministry Dec. 2.

Daily average production was steady in November, but total output fell slightly from the 42.28 million mt produced in October, due to the extra day.

November production was down 11% on the year at 46.07 million mt, or around 11.26 million b/d. This was due to deeper output cuts under the OPEC+ agreement in 2020 compared with 2019.

Russia's quota for crude production under the agreement is 8.99 million b/d for August-December, 2020. The deal does not include condensate. Russia has not released a breakdown for crude and condensate production in November, but condensate usually account for around 8% of overall output.

OPEC+ participants previously agreed to raise production quotas from January 2021 through April 2022 in anticipation of a demand recovery following the coronavirus pandemic. Under that plan, Russia's quota is due to increase to 9.495 million b/d for January 2021-April 2022.

Ongoing uncertainty over demand in 2021 has led to calls to extend current cuts. However, this comes amid concerns over how long a coronavirus vaccine rollout may take, and risks of further spikes in infections leading to extended lockdowns. The group is due to meet on Dec. 3 to discuss the market and plans for 2021.

Shipments

In November, Russia exported 16.73 million mt of crude and condensate, which is equivalent to a daily average of 4.09 million b/d. This was down 3.3% from daily deliveries of around 4.23 million b/d in October. Exports fell 13.3% from November 2019 of 19.29 million mt, or around 4.71 million b/d. This was due to lower production, which was in line with the OPEC+ agreement.

November domestic deliveries of Russian oil were 22.34 million mt, or 5.46 mil b/d. Daily average shipments rose 6.8% from deliveries of around 5.11 million b/d in October. Total domestic deliveries were 21.61 million mt in October.

Domestic deliveries were down 10% on shipments of 24.81 million mt, or around 6.06 million b/d in November 2019.

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