Russian oil production jumped to 11.35 million barrels a day in April, before cuts

0
24


A worker from Surgutneftegas near pumpjacks in the Surgut region of the Khanty-Mansi – Yugra autonomous zone, in the oil basin of western Siberia.

Alexei Andronov | TASS via Getty Images

Russia increased production of oil and gas condensate in April to 46.45 million tonnes, or 11.35 million barrels per day (b / d), from 11.29 million b / d in March, Interfax announced on Saturday before making cuts this month as part of a global supply pact.

The report, which cites data from the Ministry of Energy, showed that April’s figure was the highest monthly average production since January 2019, when it was 11.38 million bpd.

Reuters uses the barrel / ton ratio of 7.33.

The Organization of the Petroleum Exporting Countries, Russia and other allied producers, a group known as OPEC +, agreed last month to cut their combined oil production by about 10 million barrels a day , or 10% of world supply in May and June to cope with the economic situation. fallout from the new coronavirus.

The United States, Norway, Canada and Brazil could add reductions that would bring the total reduction to 20 million barrels per day, or 20% of world supply, although the coronavirus crisis has resulted in a drop in demand by 30%, driving prices down.

Russia is expected to cut oil production by 2.5 million bpd from 11 million bpd in May and June.

This number excludes the production of gas or light petroleum condensates. The Russian Energy Ministry does not separately disclose the production of gas condensates.

Tatneft reduction

Russian mid-size oil producer Tatneft said on Saturday it produced 1.994 million tonnes of oil in April, up from 2.442 million tonnes in March.

The reduction amounted to around 90,000 bpd, or 16% from March. He did not explain why he cut production last month.

Tatneft has cut production because storage capacity is full and European demand is weak, sources and data seen by Reuters last week.

The company operates in Tatarstan, central Russia, which became the country’s main oil province in the 1970s with production of 2 million barrels per day, helping the Soviet Union finance its arms race with United States.

Russia has pledged to fully honor its commitments with production expected to be between 480 million and 500 million tonnes, or 9.6 million to 10 million b / d, this year, its first annual decline since 2008.

Natural gas production reached 55.14 billion cubic meters in April, down 14.3% from the same month a year earlier, Interfax news agency also said.

He also said that Russian oil exports increased 2.2% year-on-year to 83.79 million tonnes during the January-April period.

LEAVE A REPLY

Please enter your comment!
Please enter your name here