Russia cut oil production by 130 thousand barrels per day

Russia cut oil production by 130 thousand barrels per day

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Photo: Yegor Aleev/TASS

For the first eight days the daily average oil production in Russia declined to 11,114 million barrels. more than 130 thousand Barr., which is about 1% less than the level of production in October 2016

Russian oil companies began to cut production of oil in accordance with previously signed agreement OPEC and non-cartel countries, reports Bloomberg , citing unnamed employee of the Ministry of energy controlled by the Central dispatching Department of fuel energy complex (fgbi “CDU TEK”).

According to the interlocutor of the Agency, on the results 1-8 January 2017 volume average daily production of oil and gas condensate declined to 11,114 million barrels., which is about 1.18% below production levels in October 2016 (11,247 million Barr.). In just the first eight days of 2017 Russia produced 12,13 million tonnes of crude oil and gas condensate.

Thus, in the first days of 2017, the total volume of oil production by Russian companies fell by 133 thousand barrels. Under the agreement with OPEC, Russia must reduce its production to 300 thousand barrels./day.

Earlier the head of Ministry Alexander Novak said that Russia intends to fulfill its obligations to reduce production gradually: by March, production is expected to decrease by 200 thousand Barr. a day, and only by the end of April — on 300 thousand Barr./day.

The press service of the Ministry has not yet responded to a request to RBC.

In early January of 2017 , it was reportedthat oil production started to reduce the largest OPEC members, including Saudi Arabia and Iraq, as well as outside the cartel of the country.

November 30, 2016, the OPEC members decided to cut in early 2017 total daily oil production by 1.2 million barrels. In turn 11 non-OPEC countries (including Russia) have committed from January 2017 in total to reduce the volume of oil production at 558 thousand Barr./day. Russia plans to gradually reduce production in the first half of 2017 for 300 thousand Barr./day.

In 2016, the volume of oil and gas condensate in Russia increased in comparison with the previous year by 2.5% and amounted to 547,499 million tonnes, thereby updating the record value. The average for 2016, the volume of daily oil production totaled 10,965 million barrels., in December it increased to 11,208 million barrels.