Russian oil output stood at 10.97 million barrels per day (bbl/d) in April, unchanged from an 11-month high in March and above a target set by a deal with OPEC on curbing output, Energy Ministry data showed on May 2.
Russia agreed to cut oil production by 300,000 bbl/d from the 11.247 MMbbl/d level it reached in October 2016, the baseline for reductions under a pact with the OPEC and other producers.
The deal is valid until the end of the year. OPEC and some non-OPEC countries, including Russia, will gather in Vienna in June to review the deal.
Russian Energy Minister Alexander Novak has said a joint organization for cooperation between OPEC and non-OPEC countries may be set up once the oil deal expires at the end of 2018.
Russia’s total output for April reached 44.878 million tonnes versus 46.39 million tonnes in March.
Output by Rosneft, the biggest producer among listed firms, edged up by 0.1% from March, while production at Gazprom Neft, Russia’s fastest growing oil producer, rose by 0.9 percent. The gains were offset by smaller producers, whose combined output fell by 0.9%.
Russian oil pipeline exports in April rose to 4.367 MMbbl/d from 4.163 MMbbl/d in March.
Gas production was at 61.86 billion cubic meters (Bcm) last month, or 2.06 Bcm a day, versus 65.68 Bcm in March.
Recommended Reading
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
Air Products Sees $15B Hydrogen, Energy Transition Project Backlog
2024-02-07 - Pennsylvania-headquartered Air Products has eight hydrogen projects underway and is targeting an IRR of more than 10%.
NGL Growth Leads Enterprise Product Partners to Strong Fourth Quarter
2024-02-02 - Enterprise Product Partners executives are still waiting to receive final federal approval to go ahead with the company’s Sea Port Terminal Project.
Sherrill to Lead HEP’s Low Carbon Solutions Division
2024-02-06 - Richard Sherill will serve as president of Howard Energy Partners’ low carbon solutions division, while also serving on Talos Energy’s board.
Magnolia Appoints David Khani to Board
2024-02-08 - David Khani’s appointment to Magnolia Oil & Gas’ board as an independent director brings the board’s size to eight members.