Russia Oil Production Dips

15/05/2019 09:16 Oil Market

news

Russia’s crude oil production averaged 11.16 million bpd in the first twelve days of May, Oil Price reported on Tuesday, citing two industry sources, which means that Moscow is finally within its cap under the OPEC+ deal.

As part of the OPEC+ production cuts between January and June, Russia is taking the lion’s share of the non-OPEC cuts and pledged to reduce production by 230,000 bpd from October’s post-Soviet record level of 11.421 million bpd, to 11.191 million bpd.

 

Russia’s crude oil production stood at around 11.24 million bpd in the first half of April, meaning that the leader of the non-OPEC group part of the OPEC+ deal had yet to fall in line with the pledged production cuts.

 

For the full month of April, Russian crude oil production averaged 11.23 million bpd, down from 11.3 million bpd in March, but still above the quota that Russia had pledged under the deal with OPEC to curb oil supply.

 

Moscow has repeatedly said that due to weather and geological conditions in the cold Russian winter, it cannot cut its oil production too quickly.

Source: financialtribune.com

Vestas gets 249-MW turbine order for Texas project from EDF Renewables

21/05/2019 09:06:00

EDF Renewables has ordered more turbines from Vestas Wind Systems A/S for the 273-MW Las Majadas wind project in Texas, the supplier announced today.

<READ MORE

Portugal books LNG cargo from Trinidad and Tobago

21/05/2019 09:04:00

REN-operated Sines LNG import terminal in Portugal is set to receive a cargo of liquefied natural gas from Trinidad & Tobago at the end of the week.

READ MORE

Daily (20.05.2019): NBP spot price slumped by 7.5% on Friday amid system oversupply

20/05/2019 11:11:00

Oil prices lost momentum on Friday, weighed by persistent concerns over a weakening demand because of the stalemate in the U.S.-China trade negotiations. However, the decline in the Iranian and Russian exports along with reduced shipments from the North Sea capped losses. As a result, Brent crude retreated by 0.6% to 72.21 USD/bbl. In the meantime, WTI Crude price slipped by 0.2% to 62.76 USD/bbl.

READ MORE