Russia enhanced its oil and gas production ahead of OPEC+ cuts
Russia boosted its crude oil and gas production in April, adding 24.16 million tonnes in a month. The growth took place before the global cuts were introduced, as agreed by OPEC+.
This is the highest monthly output since January 2019, when Russia produced 11.38 million barrels daily. The data comes for the report citing national Energy Ministry.
In April talks OPEC+ has reached a compromise over the oil production cuts, in order to fight the oil crisis. The participants agreed to lower their production by around 10 million barrels daily, which roughly equals 10% of the global supply. According to the plan, cuts should take place in May and June, yet some major producers, like Kuwait, started to reduce their output ahead of time.
Russia is supposed to reduce the production by about 2.5 million barrels daily from the average monthly production of about 11 million.
One of the major producers Tatneft stated on May 2 that last month it produced 1.994 million tonnes of oil. In march the company’s output totaled at 2.4442 million tonnes.
During the price war with Saudi Arabian in the first four months of 2020 Russian oil exports grew by 2.2%.