Russia Misses Global Oil Deal Target
Russian oil output stood at 11.34 million barrels per day in February, down some 75,000 barrels per day from the October level, the baseline for a global deal, but still missing the accord target, Energy Ministry data showed on Saturday.
This was also down from 11.38 million bpd in January. In tons, oil output reached 43.303 million versus 48.113 million in January.
The production data was in line with what a source told Reuters on Saturday.
All the Russian majors reduced their output. Russia’s largest oil producer Rosneft and No.2 Russian oil company by output, Lukoil, cut their output by 0.6 percent and 0.5% month-on-month, respectively.
Production at Gazprom Neft, the oil arm of gas giant Gazprom, slipped by 1.9% last month.
Russian oil pipeline exports in February stood at 4.48 million barrels per day, up from 4.31 million bpd in January.
Russia agreed to cut its oil output by at least 350,000 million bpd starting from Jan. 1 to evenly balance the market and prop up weak oil prices.
Of that, Russia undertook to cut 228,000 bpd from October 2018, the baseline for the agreement.
Energy Minister Alexander Novak said on Saturday that Russia cut its oil output by 97,000 bpd in February from October. He has said Russia would reach its reduction target during the first quarter.
OPEC and non-OPEC producers will review the agreement in mid-April in Vienna and Novak told reporters that it was too early to say if the deal would be expanded beyond its initial span of the first six months of the year.
source: Financial Tribune
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