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 (16.07.2019): EU carbon prices extended a fresh 11-year high on Monday, boosted by a weakening allowance supply

16/07/2019 10:15:00

Crude oil prices decreased on Monday, following mixed Chinese economic data and amid anticipations of a short-term impact of the tropical storm in the Gulf of Mexico on U.S. offshore oil output. A softening in the tensions between the West and Iran added pressure on prices. Consequently, Brent crude edged down by 0.4% to $66.48 a barrel, while WTI futures lost 1.1% to settle at $59.58 a barrel.

<READ MORE

Aker Energy secures funding for offshore oil project in Ghana

16/07/2019 10:09:00

Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, has decided to finance Aker Energy’s deepwater project located offshore Ghana by investing in $100 million of convertible bond notes with a commitment to participate in follow on fund raising activities.

READ MORE

Eolus to sell 400MW Norwegian windfarm to Aquila Capital

16/07/2019 10:07:00

Eolus Vind has signed a share purchase agreement to sell its 400MW windfarm Oyfjellet in Norway to Aquila Capital for €30m.

READ MORE