2022-05-19 13:40:00
RUSSIAN OIL PRODUCTION UPDOWN
PLATTS - 19 May 2022 - Russian deputy prime minister Alexander Novak said May 19 that after a fall of 1 million b/d in April, Russian oil production has risen by 200,000-300,000 b/d in May and will continue to increase next month, the Prime news agency reported.
Following its invasion of Ukraine and harsh sanctions imposed by the West on Russian oil producers and exporters, the country's oil output has been significantly affected.
The latest Platts survey by S&P Global Commodity Insights has found that Russia's crude output plunged to 9.14 million b/d in April, far below its quota of 10.44 million b/d under the OPEC+ crude production agreement, which does not include condensates.
If the EU bans imports of Russian oil, the country will redistribute these volumes, Novak added.
According to Prime, Novak said during the New Horizons government conference May 19 that "there will simply be price increases. The oil that they bought from us, they will have to buy elsewhere and pay more for it."
Nevertheless, there will simply be a redistribution, and we will direct our resources. Of course, to those markets from where oil is redirected to the European Union," he said.
Russia is increasing exports to the Asia-Pacific region as European consumers shun Russian barrels.
Novak said that Russia expects the US to add around 1 million b/d this year and increase oil production at a slower pace.
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Earlier:
2022, May, 17, 13:45:00
RUSSIAN GAS FOR FRANCE
Engie and Gazprom have agreed on a solution in line with both companies' expectations in terms of currencies and with European sanctions.
2022, May, 13, 11:30:00
RUSSIAN SANCTIONS FOR EUROPE
Germany, Russia's top client in Europe, said some subsidiaries of Gazprom Germania were receiving no gas because of the sanctions.
2022, May, 12, 14:10:00
RUSSIAN SANCTIONS FOR GERMANY
Moscow has imposed sanctions on the owner of the Polish part of the Yamal pipeline that carries Russian gas to Europe, as well as Gazprom's former German unit, whose subsidiaries help meet Europe's gas consumption.
2022, May, 12, 14:05:00
RUSSIAN GAS FOR EUROPE DOWN
Requests via the Velke Kapusany border point in Slovakia were around 512,056 megawatt hours (MWh) per day, down from 856,922 MWh per day earlier on Thursday, data from Slovakian operator TSO Eustream showed.
2022, April, 22, 11:30:00
RUSSIA OIL EXPORTS UNCHANGED
Combined, Russia's seaborne crude and key oil products exports stood at 6.79 million b/d so far in April, down 640,000 b/d from 7.43 million b/d in February,
2022, April, 22, 11:25:00
RUSSIA'S OIL PRODUCTION 10.1 MBD
Oil production averaged 10.1 million barrels a day between April 1 and April 19, with the average production for the month forecast at 10 million barrels a day, down from the March average of 11.01 million barrels a day.
2022, April, 8, 11:00:00
RUSSIA'S OIL PRODUCTION WILL DOWN
Novak is Russia's key negotiator in the OPEC+ group, which has resisted calls from consumers to increase production.
