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

Daily (02.06.2020): The British spot gas dived by 5.6% on Monday after the resumption of Russian flows

02/06/2020 09:18:00

Crude oil futures diverged on Monday, with Brent crude for August delivery surging by 8.5% to close at $38.32 a barrel amid hopes that OPEC+ producers will meet this week, earlier than previously planned, to discuss about a further extension of output cuts. Meanwhile, U.S. WTI crude was rather stable at $35.49 a barrel, but under the effect of increasingly hostile relations between the United States and China.

<READ MORE

Biomass takes record share of UK grid in May

02/06/2020 09:03:00

Biomass-fired power took a record share of the UK generation mix for the second consecutive month in May. Overall UK power demand continued to decline as the country remained in lockdown to limit the spread of Covid-19.

READ MORE

Amazon pledges €3.75m to improve urban green spaces in Germany and Europe

02/06/2020 08:59:00

The commitment forms part of Amazon’s Climate Pledge that seeks to achieve net zero emission targets by 2040.

READ MORE