Oil Production in Russia Fell by 6.3% in January-May, Gas Production - Increased by 11%
OREANDA-NEWS. Oil and gas condensate manufacturing in Russia fell in January-May by 6.3% in annual terms to 212.22 million tons, according to CDU TEK. Daily production on average was 10.3 million barrels.
In May, Russia produced 44.21 million tons of oil with gas condensate (+ 11.2% in annual terms). Daily production on average was 10.45 million barrels.
The export of Russian oil in January-May formed 85.36 million tons (-15.7%), the average daily export kept 4.14 million barrels.
Transneft's pipelines exported 75.51 million tons of oil (68 million tons - Russian oil), other pipelines - 17.36 million tons.
In May, Russia supplied abroad 18.65 million tons of oil (+ 7.8%). Average daily exports amounted to 4.41 million barrels.
Gas production in Russia rose in January-May by 11% in annual terms to 325.25 billion cubic meters. m. In May, the country generated 62.74 billion cubic meters of gas (+ 19.6%).
OPEC predicts that global oil demand will grow by 6 million barrels per day (bpd) in 2021 to 96.5 million bpd amid global economic recovery. "Gasoline will become a key source of growth in global oil demand at the start of the summer season," OPEC said. Meanwhile, the International Energy Agency (IEA) predicts that the recovery in oil demand to the level that existed in 2019 will not occur until 2023.
Earlier, the OPEC + technical committee approved a recommendation to maintain the planned rates of increase in production - the market situation is stable, world reserves accumulated during the beginning of the pandemic last year are decreasing. Moreover, the committee predicts by the end of July 2021 a decline in stocks below the average annual level prior to the pandemic. In this case, the rate of decline will reach 2 million barrels per day, if production is not increased, since the demand for fuel is growing rapidly as economic activity in the countries recovers.