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SEFE concerned as Russia targets gas storage tanks in Ukraine
2 hours ago
Russia's total crude oil output in July 2018 stood at 11.22mn barrels daily, up by 1.4% month-on-month and 2.4% year-on-year, according to the August 2 Ministry of Energy report.
Relative to the November 2016 levels the output has been cut by 0.032mnbd or only a third versus the 0.1mnbd cut implied by the 23 June 2018 relaxation of the previous Opec+ production cut agreement, Renaissance Capital estimated on August 2.
This confirms previous reports that as of mid-July Russia's crude oil output had already reached 11.2mnbd, almost at the record high levels of October 2016, as well as reports on an increase of oil output in June.
Previously Russia's Minister of Energy Alexander Novak said that crude oil output in the country is expected to grow almost 1% year-on-year in 2018 and 2019 to 551mn metric tonnes (mnt) and 555mnt, expanding the previous outlook by over 3mn tonnes.
"We believe that all Russian oil companies are capable of increasing their crude output quite quickly following the Opec+ decision to lift production," VTB Capital commented on July 26.
The bank calculates that in order to reach the production guidance of 55mnt in 2018, production needs to grow 1.7% h/h to 11.18mnbd in the second half of 2018 in Russia, which is 0.9% above the June production level.
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