Russian Oil Production Slides
Russian oil output declined to 11.38 million barrels per day in January, or by around 35,000 bpd from the October 2018 level, the baseline for the global oil accord, missing the deal’s target, Energy Ministry data showed on Saturday.
This was down from 11.45 million bpd in December, a record monthly high. In tons, oil output reached 48.113 million versus 48.442 million in December, Reuters reported.
Russian oil pipeline exports in January fell to 4.313 million bpd from 4.496 million bpd in December.
Rosneft, the world’s largest oil producer by output, reduced its production by 0.1% last month from December, while second-largest Russian oil producer Lukoil saw production cuts of 0.8%.
Output at Rosneft’s largest unit, RN-Yuganskneftegaz, declined by 0.8 % after a blaze ripped through Priobskoye oilfield in early January. Production at Gazprom Neft, the oil arm of gas giant Gazprom, edged up by 0.1%.
Russian Energy Minister Alexander Novak has said the country’s overall cuts would total 50,000 bpd in January from October.
Of that, Russia has pledged to cut its production by around 230,000 bpd in the first quarter. Novak has also said Russia was unable to reduce oil output sharply due to technical limitations but would try to do so more quickly.
The slower than expected cuts have drawn a rebuke from Saudi Arabia, the OPEC kingpin. Reducing production presents a challenge because Russia’s harsh winter climate can cause wells to freeze, Russian officials and analysts have said.
Russian natural gas production was at 67.43 billion cubic meters last month, or 2.18 bcm a day, versus 67.04 bcm in December.
source: Financial Tribune
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