• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 1 hour Bloomberg: shale slowing. Third wave of shale coming.
  • 3 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 3 hours Boring! See Ya Clowns, And Have Fun In Germany
  • 3 hours Crazy Stories From Round The World
  • 4 hours USA Carried Out Secret Cyber Strike On Iran In Wake Of Saudi Oil Attack
  • 6 hours Shale Magic: SABIC, ExxonMobil break ground on US Gulf Coast petrochemical project
  • 6 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 4 hours 5 Tweets That Change The World?
  • 1 hour the future
  • 26 mins China's Blueprint For Global Power
  • 7 hours PETROLEUM for humanity 
  • 3 hours Climate Protesters Blocking Roads etc...
  • 8 hours How The US Quietly Lost The 1st Amendment
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Falling Russian Crude Output Lifts Brent Oil Prices

Russian oil production continues to trend lower in May as exports via the Druzhba oil pipeline have been restricted due to a contamination issue, helping Russia to finally fall in line with the OPEC+ production cuts.

Russia’s oil production averaged 11.126 million bpd between May 1 and 26, two industry sources told Reuters on Monday. This compares to average production of 11.147 million bpd between May 1 and 21, according to the sources.  

This month through May 26, exports of Russian oil via the pipelines of operator Transneft, including the Druzhba pipeline, were down 6 percent compared to April, the sources told Reuters. 

Between May 1 and 16, Russia’s oil production is said to have averaged 11.156 million bpd, which means that Moscow was finally below its quota under the production cut deal.

As part of the OPEC+ production cuts between January and June, Russia is taking the lion’s share of the non-OPEC cuts and pledged to reduce production by 230,000 bpd from October’s post-Soviet record level of 11.421 million bpd, to 11.191 million bpd.

Last month, Russia halted supplies via the Druzhba oil pipeline to several European countries due to a contamination issue, which the Russians say was deliberate. Russian production has been curtailed because of the restricted exports via the Druzhba pipeline. 

Analysts and traders say the progress in restarting supply is very slow while costs could be very high, despite Russia’s assurances that clean oil will resume flowing through the pipeline westward to Europe in the second half of May.

Last week, Russian oil flow via the Druzhba pipeline reached Slovakia, while Czech pipeline operator MERO told Reuters on Monday that oil from Russia restarted at noon local time today, with the crude being within-standards quality because it had already been in the pipeline before shipments were suspended.   

The now month-long suspension of Russian oil supply to several European countries comes as global supply outages mount with Venezuela and Iran, and with increasing supply disruption risks in Libya and the Middle East. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play