Russia Meets OPEC+ Target in May
Russia’s average daily oil output in May fell below its OPEC+ target for the first time this year after buyers refused to take exports via Druzhba, the nation’s key pipeline to Europe, because of contamination.
The country produced just more than 47 million tons of crude oil and condensate in May, according to preliminary data from the energy ministry’s central dispatching department of fuel energy complex (CDU TEK) unit.
That implies a daily average of about 11.114 million barrels, which is 76,000 barrels a day below the cap for the nation set under the OPEC+ deal, Bloomberg calculations show.
May was the first full month of compliance by Russia this year, just weeks before the country meets with members of OPEC to determine whether the cuts should be extended. Russia pledged to reduce its oil production under the deal by 228,000 barrels a day from the October baseline of about 11.418 million barrels a day.
For more than a month, Russia has suffered interruptions to its exports through Druzhba after the crude in the giant pipeline was found to be tainted with organic chlorides. Pipeline operator Transneft PJSC said in early May that producers were maintaining supplies to the Russian network, and Lukoil PJSC insisted the crisis hadn’t crimped its output. Analysts have been skeptical.
“All companies are saying the effect has been insignificant, but it was still there,” Ildar Davletshin, a London-based energy analyst at Wood & Co., said by phone before the CDU-TEK data was published.
source: Financial Tribune
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years