Russia's 2019 Crude Output at 11.165mbpd
Russian energy minister Alexander Novak expects his country's crude oil output in 2019 to be around 555-556 million tons (11.145-11.165 million barrel per day) but said this figure could be revised downwards due to OPEC+ agreements to cut production.
"A lot can change over the course of a year, depending on decisions on coordinated joint action... Next year the forecast is 555-556 million tons, but that may be adjusted downwards by 3-4 million tons," Novak said.
A figure of 552 million tons would be equivalent to around 11.085 million bpd, based on a conversion rate of 7.33 barrels to a metric ton, Platts reported.
Earlier this month OPEC and non-OPEC countries agreed to cut crude output for six months from January 2019, pledging to take a combined total of 1.2 million bpd off the market, using October 2018 production levels as the baseline.
Of the 400,000 bpd non-OPEC commitment, Russia has pledged to reduce output by 228,000 bpd, although it plans to reach this target gradually. Russia produced a record level of 11.41 million bpd in October 2018.
Novak said Tuesday that Russia might reach its target in the first quarter. Previously he predicted that output would fall by 50,000-60,000 bpd in January.
Russia is cutting output gradually, as freezing winter temperatures in the country make a rapid reduction impractical. The group is to meet in April to review the progress of the deal.
source: Financial Tribune
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