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Alexander Novak: Russia’s сrude oil production up in May

Russia is a significant supplier of oil to the world, exporting more than 7 million b/d of crude and petroleum products, or some 13% of the total oil trade

Alexander Novak: Russia’s сrude oil production up in May

Moscow, May 11 - Neftegaz.RU. Russia’s crude oil production is on the rise so far in May, Deputy Prime Minister Alexander Novak told TASS.

Russia’s oil production slipped by half a million bpd in March, by a full million bpd in April, with many analysts stating concern that those barrels may never return to the market. April’s OPEC+ production quota was set at 10.436 million bpd.

But according to Novak, the picture isn’t quite so bleak, with Russian crude oil production now stabilizing despite sanctions.
Novak told TASS, without quantifying the increased production figures:
  • Looking at the figures of early May, they are better than in April
  • The situation is stable, the output increased in comparison to April
  • We are counting on partial recovery of data in May and that it will be better
According to Interfax, Russia’s crude oil production slipped to 10.05 million bpd in April, a decline of about 4% year over year, but for the 1st few days in May, this had edged up 2% over April figures, to an average of 10.28 million bpd.
But even that increase is a far cry from Russia’s May output quota set by the OPEC+ group, which is 10.549 million barrels per day.

In April, Russia’s economy ministry had estimated that it could shed some 17% of its pre-invasion oil production this year - an estimation that is widely shared, if not conservative, in the industry.

The fear of Russia’s «lost» oil production is, in part, what triggered the United States and other IEA members to agree to release millions of barrels of crude oil from emergency stockpiles to stabilize the market.

Meanwhile, Saudi Arabia lowered its June official selling price differentials for crude oil to China - largely seen as a bellwether for oil prices.

Author: Julianne Geiger

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