September 2, 2018 / 8:33 AM / 2 months ago

UPDATE 1-Russian oil output keeps steady in August near post-Soviet high

 (Adds detail)
    MOSCOW, Sept 2 (Reuters) - Russian oil output stood at 11.21
million barrels per day (bpd) in August, virtually unchanged
from July and steady near a post-Soviet high as production curbs
were eased, Energy Ministry data showed on Sunday.
    In tonnes, oil output reached 47.41 million versus 47.429
million in July.
    The Organization of the Petroleum Exporting Countries and
other leading global oil producers led by Russia agreed in June
to ease curbs on output, which had been in place since early
2017, and return to their initial commitments to cut production
as oil prices have stabilised and the market reached balance.
    Russia had initially agreed to cut its output from 11,247
million bpd, a post-Soviet record high reached in October 2016,
the basis for the global Vienna accord.
    OPEC oil output rose last month to a 2018 high as Libyan
production recovered and Iraq's southern exports hit a record, a
Reuters survey found, although a cut in Iranian shipments due to
U.S. sanctions limited the increase.             
    An OPEC and non-OPEC monitoring committee found that oil
producers participating in the supply-reduction agreement cut
output in July by 9 percent more than called for in their pact.
            
    Sunday's data showed that all the Russian majors, including
Rosneft           and Lukoil          , have raised their
production in August from July.
    The increase has been balanced out by a production decline
at smaller producers as well as at projects run by foreign
majors under production sharing agreements (PSA), such as
Sakhalin-1, operated by ExxonMobil        .
    There has no been production breakdown presented for the
particular projects.
    Russian oil pipeline exports in August stood at 4.343
million bpd, up from 4.179 million bpd in July.
    Natural gas production was at 54.62 billion cubic metres
(bcm) last month, or 1.76 bcm a day, versus 53.92 bcm in July,
the data showed on Sunday.

 (Reporting by Vladimir Soldatkin
Editing by Raissa Kasolowsky)
  
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