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Russia’s November oil output edges up

Russia’s November oil output edges up

MOSCOW: Russian oil output rose to 10.94 million barrels per day (bpd) in November from 10.93 million bpd in October, energy ministry data showed on Saturday.

In tonnes, oil output fell to 44.782 million versus 46.23 million in October, and Russia remains in compliance with a global deal to curb production aimed at reducing inventories and supporting oil prices.

The latest figures show Russia cut its oil output by around 307,000 bpd from the 11.247 million bpd in produced in October 2016, the baseline for the global agreement to reduce output.

Russia agreed to reduce its oil output by 300,000 bpd from that level as part of a pact led by producers from the Organization of the Petroleum Exporting Countries to jointly cut output by 1.8 million bpd.

OPEC and non-OPEC producers agreed on Thursday to extend their output cuts until the end of 2018.

Russian Energy Minister Alexander Novak has said that Russian oil production would remain flat at 547 million tonnes in 2018 if output cuts were maintained for the whole of the year.

Russian oil pipeline exports fell to 4.347 million bpd in November from 4.627 million bpd in October.

Output at projects run by foreign majors under production sharing agreements (PSA) rose by 8.3 percent in November from October. Output at Rosneft, Russia’s largest oil producer, fell by 0.3 percent in November while output at No.2 oil company Lukoil rose by 0.1 percent.

Gas production in November fell to 60.56 billion cubic metres (bcm), or 2.02 bcm per day, from 62.67 bcm in October.