Ahead of Opec+ cuts, Russian output jumped to 11.35 mln bpd in April

Oil is pumped into an oil tanker at the Ust-Luga oil products terminal in the settlement of Ust-luga, Russia. (File photo: Reuters)

Russia raised oil and gas condensate output in April to 46.45 million tons, or 11.35 million barrels per day (bpd), from 11.29 million bpd in March,Interfax reported on Saturday, before it makes cuts this month under a global supply pact.


The report, which cited Energy Ministry data, showed April's figure was the highest monthly average output since January 2019, when it was 11.38 million bpd.

Reuters uses the barrels/tons 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 output by about almost 10 million bpd, or 10 percent of global supply in May and June to tackle the economic fallout from the new coronavirus.

The United States, Norway, Canada and Brazil may add cuts that would bring the total reduction to 20 million bpd, or 20 percent of global supply, although the coronavirus crisis has driven down demand by as much as 30 percent, driving down prices.

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

This number exempts production of gas condensate, or light oil. Russian energy ministry does not disclose gas condensate production separately.

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Russia has pledged to meet its commitments in full with output projected to fall to between 480 million and 500 million tons, or 9.6 million to 10 million bpd, this year, its first annual decline since 2008.

Natural gas production in April reached 55.14 billion cubic meters, a decline of 14.3 percent from the same month a year earlier, the Interfax news agency also reported.

It also said Russian oil exports increased 2.2 percent year on year to 83.79 million tons in the January-April period.

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Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54
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