Russian oil output declined to 11.298 million barrels per day (bbl/d) last month, energy ministry data showed on April 2, missing the target set under a global deal to cut oil production.
The March output was down by around 112,000 bbl/d from the October 2018 level, the baseline of the global deal. Under the agreement, Russia has pledged to cut its oil output by 228,000 bbl/d from that level.
In tonnes, Russian oil production reached 47.78 million tonnes. Reuters uses the 7.33 barrels/tonnes ratio.
Russian Energy Minister Alexander Novak said April 2 that the country's oil production in April would be in line with the global deal between OPEC and non-OPEC countries.
The ministry said separately that by the end of March Russia cut production by 225,000 bbl/d from the average October 2018 level.
The data showed that Russia's largest oil producer, Rosneft , cut its output by around 0.45% in March from February.
Producers, listed as "other" than majors, reduced their production in March by 0.63% in March, month-on-month.
OPEC and other large global oil producers led by Russia agreed to cut their combined oil production by 1.2 million bbl/d starting from Jan. 1 for the next six months.
OPEC oil supply sank to a four-year low in March, a Reuters survey found, as top exporter Saudi Arabia over-delivered on the group's supply-cutting pact, while Venezuelan output fell further due to sanctions and power outages.
The biggest drop in supply came from Saudi Arabia, OPEC's biggest producer, which pumped 220,000 bbl/d less than in February, the survey showed.
Sources told Reuters that Saudi Arabia is having a hard time convincing Russia to stay much longer in the OPEC-led pact, and Moscow may only agree to a three-month extension.
Recommended Reading
Vistra Buys Remaining Stake in Subsidiary Vistra Vision for $3.2B
2024-09-19 - Vistra Corp. will become the sole owner of its subsidiary Vistra Vision LLC, which owns various nuclear generation facilities, renewables and an energy storage business.
Kimmeridge Signs Natgas, LNG Agreement with Glencore
2024-09-19 - Under the terms of the agreement, set to be finalized later this year, Glencore will purchase 2 mtpa of LNG from Commonwealth LNG and source natural gas from Kimmeridge Texas Gas.
Matador Closes $1.8B Ameredev Deal, Updates Asset Development Plans
2024-09-19 - Matador Resources’ $1.83 billion bolt-on acquisition of the Delaware Basin’s Ameredev II adds 33,500 acres and brings the company’s inventory to approximately 2,000 net locations.
TotalEnergies Signs LNG Agreements in China, Turkey
2024-09-19 - TotalEnergies announced two separate long-term LNG sales in China and a non-binding agreement with Turkey’s BOTAŞ in an effort to grow its long-term LNG sales.
WhiteHawk Energy Adds Marcellus Shale Mineral, Royalty Assets
2024-09-18 - WhiteHawk Energy LLC said it acquired Marcellus Shale natural gas mineral and royalty interests covering 435,000 gross unit acres operated by Antero Resources, EQT, Range Resources and CNX Resources.