Dhaka, Tuesday, April 24, 2018 06:39 PM   
     
Home Energy BD Energy World Green Energy Opinion Interview Environment Business Others Archive
LATEST >
বাংলা সংস্করণ
   
Russian oil output hits 11-month high in March

Russia’s oil output edged up in March to an 11-month high of 10.97 million barrels per day (bpd), slightly above a limit agreed under a global supply pact, energy ministry data showed on Monday.

It was the first increase in Russian output since December and the highest level since output of 11 million bpd in April 2017.

Under an agreement by members of the Organization of the Petroleum Exporting Countries and other producers that came into effect last year, Moscow pledged to cut output by 300,000 bpd from a baseline of 11.247 million bpd based on its output in October 2016.

The Energy Ministry said that in March it cut output by around 280,220 bpd from the October 2016 level.

“Russia reached the production cuts compliance (with the OPEC deal) of 93.4 percent. The fluctuations of the liquid hydrocarbons in March were due to a high demand for gas and seasonality on the domestic market,” Energy Minister Alexander Novak said in a statement.

“Russia is fully committed to reaching the balance on the oil market,” he added.

Russian output in March rose from 10.95 million bpd in February. In tonnes, it totaled 46.39 million versus 41.836 million in February.

Russian oil pipeline exports in March stood at 4.163 million bpd, slightly up from 4.162 million bpd in February.

The current global supply deal lasts until the end of 2018.

OPEC states, Russia and several other non-OPEC producers agreed to cut supplies from January 2017 to lift oil prices that plunged from above $110 a barrel in 2014 to below $30 in 2016. Oil is currently traded just below $70 per barrel.

Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering a deal to greatly extend the short-term alliance on oil curbs.

The Kremlin has said Russia and Saudi Arabia have been discussing a “wide range of options” on cooperation in the global oil market.

According to the energy ministry data, Russia’s largest oil company Rosneft and No.2 producer Lukoil both increased their output by 0.1 percent last month from February.

Output at Production Sharing Agreement (PSA) projects declined by 0.6 percent in March as plans for an output rise at the ExxonMobil-led Sakhalin-1 project have been delayed.

Russian natural gas production totaled 65.68 billion cubic meters (bcm) last month, or 2.12 bcm a day, versus 59.23 bcm in February.

Print Friendly and PDF

   You may also like

Category: Other Countries
Solar seeks its place under Spanish sun

Category: Other Countries
Off Grid Energy power up latest fleet of electric delivery vans for UPS

Category: Other Countries
Britain to ban new diesel and gas cars by 2040

Category: Other Countries
Representatives of international organisations visit Russia’s latest nuclear power facilities

Category: Other Countries
OPEC meets to extend oil cuts for up to one year

Category: Other Countries
Occidental shareholders vote for climate proposal

Category: Other Countries
Vietnamese utility to build 350 MW

Category: Other Countries
First coal-free day in Britain since industrial revolution

Category: Other Countries
Qatar restarts development of world`s biggest gas field after 12-year freeze
     
    RECENT STORIES   MOST READ
    FOLLOW US ON FACEBOOK
    Recent Other Countries Stories
Solar seeks its place under Spanish sun
Off Grid Energy power up latest fleet of electric delivery vans for UPS
Britain to ban new diesel and gas cars by 2040
Representatives of international organisations visit Russia’s latest nuclear power facilities
OPEC meets to extend oil cuts for up to one year
Occidental shareholders vote for climate proposal
Vietnamese utility to build 350 MW
First coal-free day in Britain since industrial revolution
Qatar restarts development of world`s biggest gas field after 12-year freeze
Beijing shuts last coal power plant in switch to natural gas


Explore the energynewsbd.com
Home
Energy World
Opinion
Environment
Others
Energy BD
Green Energy
Interview
Business
Archive
About Us Contact Us Terms & Conditions Privacy Policy Advertisement Policy

   Editor & Publisher: Aminur Rahman
   Copyright @ 2015-2018 energynewsbd.com
   All Rights Reserved | Developed By: Jadukor IT