February 2, 2019 / 6:35 AM / 15 days ago

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

    * Output down to 11.38 mln bpd in Jan from 11.45 mln bpd in
Dec
    * Output declines by around 35,000 bpd from October 2018
level
    * Russia has pledged to cut oil output by 230,000 bpd from
Oct
    * Rosneft, Lukoil both reduced their output
    * Production at Rosneft's unit, hit by fire, fell by 0.8 pct

 (Recasts, adds detail throughout; changes media slug from
RUSSIA ENERGY/PRODUCTION)
    By Vladimir Soldatkin
    MOSCOW, Feb 2 (Reuters) - Russian oil output declined to
11.38 million barrels per day (bpd) in January, or by around
35,000 bpd from the October 2018 level, the baseline for the
global oil accord, missing the deal's target, Energy Ministry
data showed on Saturday.
    This was down from 11.45 million bpd in December, a record
monthly high. In tonnes, oil output reached 48.113 million
versus 48.442 million in December.             
    Russian oil pipeline exports in January fell to 4.313
million bpd from 4.496 million bpd in December.
    Rosneft          , the world's largest oil producer by
output, reduced its production by 0.1 percent last month from
December, while second-largest Russian oil producer Lukoil
          saw production cuts of 0.8 percent.
    Output at Rosneft's largest unit, RN-Yuganskneftegaz,
declined by 0.8 percent after a blaze ripped through Priobskoye
oilfield in early January.              
    Production at Gazprom Neft          , the oil arm of gas
giant Gazprom          , edged up by 0.1 percent.
    Russian Energy Minister Alexander Novak has said the
country's overall cuts would total 50,000 bpd in January from
October.
    The Organization of the Petroleum Producing Countries and
other leading global oil producers agreed in December to cut
their combined output by 1.2 million bpd in order to support oil
prices and evenly balance the market.
    Of that, Russia has pledged to cut its production by around
230,000 bpd in the first quarter.
    Novak has also said Russia was unable to reduce oil output
sharply due to technical limitations but would try to do so more
quickly.
    The slower than expected cuts have drawn a rebuke from Saudi
Arabia, the OPEC kingpin.             
    Reducing production presents a challenge because Russia's
harsh winter climate can cause wells to freeze, Russian
officials and analysts have said.
    According to a Reuters survey, OPEC oil supply has fallen in
January by the largest amount in two years.             
    Russian natural gas production was at 67.43 billion cubic
metres (bcm) last month, or 2.18 bcm a day, versus 67.04 bcm in
December.

 (Reporting by Vladimir Soldatkin
Editing by Paul Tait)
  
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