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Russian oil output down in February, misses global deal target

Saturday 02 March 2019 04:39 AM

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Reuters:
Russian oil output stood at 11.34 million barrels per day (bpd) 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 tonnes, 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 Friday.

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 percent month-on-month, respectively.

Production at Gazprom Neft, the oil arm of gas giant Gazprom, slipped by 1.9 percent last month.

Russian oil pipeline exports in February stood at 4.480 million barrels per day, up from 4.313 million bpd in January.

The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed to cut their combined oil output by 1.2 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.




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