ZCZC
BCN-31
RUSSIA-OPEC-OIL-OUTPUT
Russia reaches OPEC oil output target by late April – Novak
MOSCOW, May 3, 2019 (BSS/TASS) – Russia’s oil output on the last day of
April stood at 229,000 barrels per day, lower than the level of October 2018
considered as basic in the OPEC deal, excluding output under production
sharing agreements (PSAs), Russian Energy Minister Alexander Novak said on
Thursday.
If PSAs are taking into account, Russia’s production on the last day of
April declined by 223,000 barrels per day, Novak said. On average in April,
the output fell by 213,000 barrels per day from October without taking into
account PSAs and by 197,000 barrels including output under PSA deals.
“In May 2019, Russia will keep oil output at the agreed level,” the
minister stressed, according to his press service. Russia’s quota under the
OPEC deal on output cuts is 228,000 barrels per day.
Compared with December 2018, Russia’s oil output dropped by 280,000 barrels
per day excluding volumes under PSAs and by 247,000 barrels per day if PSAs
are taking into account, Novak said.
Under the agreement, Russia is the only participant that can reduce
production gradually as was the case in 2017. Due to technological and
climate conditions, production at Russian wells cannot be suspended
instantaneously. All in all, OPEC countries agreed to reduce crude production
by 1.2 mln barrels per day, of which 812,000 barrels accrue to OPEC countries
and 383,000 barrels – to non-OPEC states.
BSS/TASS/HR/1430