Russia Increased Oil Production by 1.4% in 2018
OREANDA-NEWS In January-November 2018, Russia produced 507.37 million tons of oil and gas condensate, which is 1.4% more than in the same period of 2017. 11.13 million barrels are produced in Russian fields per day.
In November, production increased by 3.9% (year-on-year), to 46.53 million tons, Interfax reports, citing data from CDU TEK.
Oil exports in the far abroad countries in 2018 fell to 218,03 million tonnes (0.8%). On average, 4.78 million barrels were exported daily.
The volume of gas production for 11 months increased by 5% to 658.11 billion cubic meters in November, 62.67 billion cubic meters of gas was produced (an increase of 2.7%).
Earlier it was reported that the economic Commission of OPEC proposes to reduce oil production by 1.3 million barrels a day from the October 2018 level to "balance the level of supply and demand in 2019". The decision should be made at a meeting in Vienna on 6 December.
The daily production of oil and gas condensate in Russia in November amounted to 11.37 million barrels per day compared to 11.41 million barrels per day in October, according to the statistics of the Central fuel and energy Ministry.
Next week in Vienna, OPEC and a number of countries outside the organization, including Russia, are expected to decide on joint actions in the global market in 2019.
Russian oil workers after a meeting in the Russian Ministry of energy this week are inclined to the need to reduce production in 2019 in tandem with OPEC and partners in the global transaction.
The possible reduction in oil production by Russia under the OPEC+ Pact in 2019 will have a negative impact on the dynamics of its industrial production and GDP in General, analysts predict Raiffeisen.
The total oil production with gas condensate for the month amounted to 46,532 million tons compared to 48,262 million tons in October.
Gas production in November in the Russian Federation amounted to 62.67 billion cubic meters, or 2.09 billion cubic meters per day, compared with 63.64 billion cubic meters (2.05 billion cubic meters per day) in October, data from the CDU of the energy Ministry.