November 5, 2019 / 8:08 AM / 3 months ago

UPDATE 1-Rosneft's Q3 oil output down 1.4% y/y

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MOSCOW, Nov 5 (Reuters) - Third-quarter oil production at Russia’s Rosneft, the world’s largest listed oil company by output, declined by 1.4%, year-on-year, to 57.88 million tonnes, the company said on Tuesday, amid global efforts to curb output.

The current global oil deal to cut oil production runs through to the end of March 2020 and producers, including Russia, meet to review policy on Dec. 5-6 in Vienna.

Rosneft, headed by Igor Sechin, a close ally of President Vladimir Putin, accounts for around 4% of Russia’s total oil production.

Its total hydrocarbon production, including natural gas, in July - September declined to 5.74 million barrels per day of oil equivalent by 1.5%, year-on-year.

The company also said oil output at its largest production unit, Yuganskneftegaz, located in West Siberia, reached record-high of 1.466 million bpd this summer since production began there in 1964.

It also said that oil production rose in the third quarter from the second quarter by 0.5% following a decision of Russia’s oil pipeline monopoly Transneft to lift restrictions on the unit amid contaminated oil crisis.

Rosneft’s natural gas production declined in the third quarter by 1.9 percent year-on-year to 16.3 billion cubic metres. (Reporting by Olesya Astakhova and Vladimir Soldatkin, editing by Louise Heavens)

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