Russia’s oil output rebounds from 3-year-low

22/07/2019 08:51 Oil Market

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Russia’s oil production in the past few days has recovered to the ceiling that Moscow has pledged in the OPEC+ deal, Russian Energy Minister Alexander Novak said, after output had dropped to nearly 3-year lows in the 1st days of July, Oilprice reported.

Lower output from Russia’s largest oil producer Rosneft resulted in total Russian production falling to a near 3-year low in early July, Reuters reported. Russia’s oil production in the 1st days of July averaged 10.79 million bpd, the lowest level since August 2016, when production stood at 10.71 million bpd.

 

Rosneft’s production between July 1 and 8 went down by 11 % from the average production level in June, one industry source told Reuters. Production of Rosneft’s Yuganskneftegaz unit in West Siberia slumped by a whopping 30 % in the 1st week of July from the June average.

Source: neftegaz.ru

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