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Russian Oil Output Rises in June

Russian daily oil output rose in June to 11.15 million barrels per day, up from 11.11 million bpd in May, still below the amount agreed in a global deal to cut production, the country’s energy ministry data showed on Tuesday.

The production data for June were in line with what industry sources told Reuters.

Russian oil output has been restrained after contaminated oil was discovered in Russia’s Druzhba pipeline network in April that led to the suspension of exports via the system that supplies crude to Europe and beyond.

Russian pipeline monopoly Transneft said on Monday it had fully resumed oil supplies via the Druzhba pipeline.

All major oil producers, including Rosneft and Lukoil, increased production last month, while output at projects run by foreign majors under production-sharing agreements fell by 11.2% from May.

In tons, oil output reached 45.65 million bpd in June versus 47 million bpd in May, which is one day longer than June.

Under a deal agreed with OPEC and other oil producers, Russia had agreed to reduce output by 228,000 bpd from the October 2018 baseline, indicating it should keep total output around the 11.17-11.18 million bpd level.

OPEC agreed on Monday to extend oil supply cuts until March 2020, as the group’s members overcame differences to prop up the price of crude amid a weakening global economy and soaring US production.

According to Russian data, oil exports via Druzhba have been on the mend. Russian oil pipeline exports in June rose to 4.394 million bpd from 4.209 million bpd in May.

Russian natural gas production was at 54.38 billion cubic meters last month, or 1.81 bcm a day, versus 63.28 bcm in May.

News No: 5018
Date: 2019/07/04 - 16:04
News Source: Financial Tribune

Russian  Oil  natural gas  US  OPEC 

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