2021-01-06 14:05:00
RUSSIA OIL PRODUCTION 10 MBD
PLATTS - 02 Jan 2021 - Russia produced 42.46 million mt of crude and condensate in December, equivalent to around 10.04 million b/d, according to preliminary data released by the central dispatching unit of the Russian energy ministry Jan. 2.
Output was up slightly on the 41.03 million mt, or 10.03 million b/d produced in November 2020.
Production was down 11% on the 47.65 million mt, or 11.27 million b/d produced in December 2019. This was due to deeper output cuts under the OPEC + agreement in 2020 compared with 2019.
Total crude production reached 512.68 million mt in 2020, equivalent to around 10.27 mil b/d, down 8% on year.
Russia's quota for crude production under the agreement was 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 December, but condensate usually accounts for around 8% of overall output.
From January Russia's quota increases by 125,000 b/d. The group is now meeting on a monthly basis to discuss market conditions and potential changes to output quotas. The next meeting is scheduled for Jan. 4. In late December, Russian deputy prime minister and lead OPEC+ negotiator Alexander Novak said Moscow would support a further increase of 500,000 b/d in the total OPEC+ quota from February if market conditions are stable.
Uncertainty over the impact of the coronavirus pandemic and vaccine rollouts on demand in 2021 is complicating the group's long-term planning.
Russia produced 42.46 million mt of crude and condensate in December, equivalent to around 10.04 million b/d, according to preliminary data released by the central dispatching unit of the Russian energy ministry Jan. 2.
Output was up slightly on the 41.03 million mt, or 10.03 million b/d produced in November 2020.
Production was down 11% on the 47.65 million mt, or 11.27 million b/d produced in December 2019. This was due to deeper output cuts under the OPEC + agreement in 2020 compared with 2019.
Total crude production reached 512.68 million mt in 2020, equivalent to around 10.27 mil b/d, down 8% on year.
Russia's quota for crude production under the agreement was 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 December, but condensate usually accounts for around 8% of overall output.
From January Russia's quota increases by 125,000 b/d. The group is now meeting on a monthly basis to discuss market conditions and potential changes to output quotas. The next meeting is scheduled for Jan. 4. In late December, Russian deputy prime minister and lead OPEC+ negotiator Alexander Novak said Moscow would support a further increase of 500,000 b/d in the total OPEC+ quota from February if market conditions are stable.
Uncertainty over the impact of the coronavirus pandemic and vaccine rollouts on demand in 2021 is complicating the group's long-term planning.
-----
Earlier:
2020, December, 25, 10:40:00
OPEC+ RISSIA OIL PRICE: $45 - $55
In comments, cleared for publication on Friday, Novak also said that Moscow views an oil price between $45 and $55 per barrel as the optimum level to allow for recovery of its oil production,
2020, December, 22, 13:45:00
OPEC+ RUSSIA EXTENSION
"The OPEC+ deal has been with us for almost nine months and will continue until April 2022, but it can be extended until the end of 2022," Prince Abdulaziz said, adding that market skeptics and speculators will remain "on their toes".
2020, December, 9, 11:35:00
OPEC+ PRODUCTION CUTS 100.2%
OPEC+ compliance with its production cuts stayed stable at 100.2%.
2020, December, 8, 13:05:00
OPEC+ OIL PRODUCTION CUTS 7.2 MBD
In April 2020, the OPEC+ decided to cut their overall crude oil production by 9.7 mb/d over the 1 May 2020 - 30 June 2020 period, in an attempt to reduce the global oversupply and to firm up depressed oil prices in a context of COVID-19 pandemic.
2020, December, 8, 12:55:00
RUSSIA'S ECONOMY WILL UP 3.8%
Russia’s economy is on track to contract about 4% this year, according to the central bank,
2020, December, 7, 13:20:00
RUSSIA OIL PRODUCTION WILL UP
"Russia's increase starting January is around 125,000 b/d, we discussed it with oil companies," Novak said during the OPEC+ press conference.
2020, December, 2, 14:40:00
RUSSIA'S OIL PRODUCTION 10 MBD
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.
