March 2, 2019 / 6:54 AM / in a year

UPDATE 1-Russian oil output down in February, misses global deal target

    * Russian oil production down 75,000 bpd from October
    * Russia promised to cut 228,000 bpd as part of a global
deal

 (Changes slug, adds details on output)
    By Vladimir Soldatkin
    MOSCOW, March 2 (Reuters) - Russian oil output stood at
11.34 million barrels per day (bpd) in February, down some
75,000 barrels per day from the October level, the baseline for
a global deal, but still missing the accord target, Energy
Ministry data showed on Saturday.
    This was also down from 11.38 million bpd in January. In
tonnes, oil output reached 43.303 million versus 48.113 million
in January. The production data was in line with what a source
told Reuters on Friday.              
    All the Russian majors reduced their output. Russia's
largest oil producer Rosneft           and No.2 Russian oil
company by output, Lukoil          , cut their output by 0.6
percent and 0.5 percent month-on-month, respectively.
    Production at Gazprom Neft          , the oil arm of gas
giant Gazprom          , slipped by 1.9 percent last month.
    Russian oil pipeline exports in February stood at 4.480
million barrels per day, up from 4.313 million bpd in January.
    The Organization of the Petroleum Exporting Countries and
other large oil producers led by Russia agreed to cut their
combined oil output by 1.2 million bpd starting from Jan. 1 to
evenly balance the market and prop up weak oil prices.
    Of that, Russia undertook to cut 228,000 bpd from October
2018, the baseline for the agreement.
    Russian Energy Minister Alexander Novak said on Friday that
Russia cut its oil output by 97,000 bpd in February from
October. He has said Russia would reach its reduction target
during the first quarter.
    Reuters uses tonnes/barrels ratio of 7.33.
    OPEC and non-OPEC producers will review the agreement in
mid-April in Vienna and Novak told reporters that it was too
early to say if the deal would be expanded beyond its initial
span of the first six months of the year.
    So far, OPEC's cuts have been more robust in comparison to
Russia. 
    OPEC oil supply fell to a four-year low in February, a
Reuters survey found, as top exporter Saudi Arabia and its Gulf
allies over-delivered on the group's supply pact while
Venezuelan output registered a further involuntary drop.
            
    Crude oil         has risen to $66 a barrel after a dip
below $50 in December, boosted by the output curbs in the OPEC
countries and the prospect of lower supply from Venezuela after
U.S. President Donald Trump imposed sanctions on its oil
industry.
    Russian natural gas production was at 61.8 billion cubic
metres (bcm) last month, or 2.21 bcm a day, versus 67.43 bcm in
January.

 (Reporting by Vladimir Soldatkin; Editing by Muralikumar
Anantharaman)
  
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