03-10-2017

Russian Sept oil output stays at low for the year

Russian oil output stood at 10.91 million barrels per day (bpd) in September, unchanged from August and staying at a low for the year, Energy Ministry data showed on Monday after output was disrupted by maintenance works at some sites.

In tonnes, total output in the month of September reached 44.639 million versus 46.144 million in August, which is one day longer. The daily rate in September and August was the lowest level of output since it slipped to 10.71 million bpd in August 2016. It is down 3 percent from the October 2016 level, the benchmark when a global oil deal was reached on curbing oil production.

The Organization of the Petroleum Exporting Countries, Russia and other producers agreed to cut their combined oil production by almost 1.8 million barrels per day from January in a bid to reduce a supply glut that had driven down prices. Data from the Russian Energy Ministry showed an output fell by 39 percent in September from August at the oil projects run by foreign majors under production sharing agreements (PSA). Russian Energy Minister Alexander Novak has said the ExxonMobil-led Sakhalin-1 project underwent a maintenance last month.

All Russian majors boosted output in September from August. Production by Rosneft , the world’s largest listed oil producer by output, rose by 1.2 percent to 3.82 million bpd, while output at Russia’s No.2 oil producer Lukoil edged up 0.7 percent to 1.64 million bpd in Russia. Russian oil pipeline exports in September stood at 4.30 million barrels per day, down from 4.34 million bpd in August.

Natural gas production was at 53.69 billion cubic metres (bcm) last month, or 1.79 bcm a day, versus 54.2 bcm in August.

Source: Reuters

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