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2021-05-04 12:35:00

RUSSIA'S OIL PRODUCTION UP TO 10.46 MBD

RUSSIA'S OIL PRODUCTION UP TO 10.46 MBD

PLATTS- 02 May 2021 - Russia produced 42.81 million mt of crude and condensate in April, equivalent to around 10.46 million b/d, according to preliminary data released by the central dispatching unit of the Russian energy ministry on May 2.

Daily average production was up 2% from 10.26 million b/d in March. Total output in March was 43.4 million mt.

Increases in month-on-month output volumes in early 2021 reflect gradual increases in Russia's crude production quota agreed under the OPEC + deal from the beginning of the year.

Production was down 8% from April 2020 volumes of 46.41 million mt or 11.34 mil b/d.

Lower output volumes in early 2021 compared with early 2020 reflect more significant crude production cuts under the OPEC + agreement from May 2020 introduced in response to the impact of the coronavirus pandemic.

From the start of 2021, Russia has secured gradual increases to its output quota from the 8.99 million b/d in place from August-December 2020. Its April quota was 9.379 mil b/d. This will rise to 9.418 mil b/d for May.

The OPEC + agreement only covers crude production. Russia has not released a breakdown for crude and condensate production in April, but condensate usually accounts for around 8% of overall output.

Delivery volumes

Exports of Russian crude in April totaled 17.32 million mt, or 4.23 million b/d. This was up 8.5% on March volumes of 3.9 million b/d. Exports were down 17% on April 2020 volumes of 20.79 million mt, or 5.08 million b/d.

Domestic deliveries were 23.36 million mt or 5.71 million b/d in April. This was down 1% on deliveries of around 5.76 million b/d in March. Shipments were up 5% on April 2020 levels of 22.34 million mt or 5.46 million b/d.

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