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Russian January oil output flat as Rosneft and Lukoil declines offset by PSAs

Gasoil News - Published on Tue, 06 Feb 2018

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Reuters reported that Russian oil output stood at 10.95 million barrels per day (bpd) in January, virtually unchanged from December, as increases at foreign-led projects outweighed falls at Rosneft and Lukoil. This was almost in line with Russia’s pledge to cut output by 300,000 bpd - from the record 11,247 million bpd reached in October 2016 - as part of a deal with the Organization of the Petroleum Exporting Countries to reduce inventories and prop up oil prices.

The deal is due to last until the end of the year and could be revised in June when OPEC and Russia hold their next meeting in Vienna. Russia has said the deal should continue because the market has yet to reach supply-demand balance.

A Reuters survey showed that OPEC oil output rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with the supply reduction pact.

According to Russian Energy Ministry data, Russian oil output reached 46.306 million tonnes last month versus 46.322 million in December. Reuters uses a barrels/tonnes ratio of 7.33.

Production was supported by an increase at the Production Sharing Agreement (PSA) project by more than 10 percent to 1.54 million tonnes in January.

The data does not provide a breakdown for individual projects. The projects include Sakhalin-1 (Rosneft, ExxonMobil, ONGC and Sodeco) and Sakhalin-2 (Gazprom, Shell, Mitsui and Mitsubishi).

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Posted By : Nanda Koijam on Tue, 06 Feb 2018
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