• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 2 mins Indonesia Stands Up to China. Will Japan Help?
  • 11 hours Might be Time for NG Producers to Find New Career
  • 18 hours Shale Oil Fiasco
  • 2 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 10 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 29 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 2 hours Beijing Must Face Reality That Taiwan is Independent
  • 2 days Wind Turbine Blades Not Recyclable
  • 1 hour China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 18 hours US Shale: Technology
  • 2 days Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 2 days Denmark gets 47% of its electricity from wind in 2019
Alt Text

Why Trump Can’t Retreat From The Middle East

Without the need for Saudi…

Alt Text

Oil Giant Sees Stock Soar 20% On Unexpected Oil Find

Two weeks after France’s supermajor…

Alt Text

Just How Serious Is The Shale Slowdown?

There has been a lot…

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

Russia Keeps January Oil Production Below 11 Million Bpd

Russia’s crude oil production in January was basically flat compared to December 2017, after rising production at foreign firm-led projects compensated for small declines at the two major Russian oil producers, Rosneft and Lukoil.

According to data by Russia’s Energy Ministry, Russian oil production in January was 46.306 million tons, or 10.95 million bpd, just slightly less than 46.338 million tons in December 2017.

The January crude oil production is in line with Russia’s pledge in the OPEC/non-OPEC deal is to shave off 300,000 bpd from its October 2016 level, which was the country’s highest monthly production in almost 30 years—11.247 million bpd.

Russia’s cut in its January production was 301,200 bpd, as part of the pact between OPEC and the Russia-led alliance of non-OPEC nations, Energy Minister Alexander Novak says.

Crude oil production from Production Sharing Agreement (PSA) projects last month increased by more than 10 percent, while production at Rosneft and Lukoil fell by 0.2 percent and 0.5 percent, respectively, according to the energy ministry data quoted by Reuters.

The Sakhalin-1 project led by Exxon had plans to increase production in January to 250,000 bpd-260,000 bpd from 200,000 bpd last year and had a preliminary approval to do this. But Russian authorities have ordered the project to return in January to the previous--lower--production rate, industry sources told Reuters last week. The Sakhalin-1 project will continue to operate under the 200,000-bpd quota until Russian authorities finish the approval of a new plan for production, a source close to the Energy Ministry told Reuters. Related: The Oil Market Is Already Balanced

For the whole of 2017, Russia’s total average daily crude oil production inched up again, to a 30-year-high of 10.98 million bpd.

Non-OPEC Russia, like OPEC’s de facto leader Saudi Arabia and most of the other cartel members, entered the joint deal on January 1, 2017, at a very high level of production, which took much of the sting out of the cuts. In the last quarter of 2016, Russia’s production had hit a post-Soviet era high, while year over year in 2016, production grew to 10.96 million bpd, from 10.72 million bpd in 2015.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment
  • John Brown on February 09 2018 said:
    U.S. producers should send a Thank you Note to Russian Producers. That says...Thank you for leaving your oil in the ground so we could increase our production and sell it at $65 a barrel for WTI. By the way we'll increase our production by more than $1 million BPD in the next 6 or 8 months if you'll just keep leaving yours in the ground. Thanks you Russia! US Oil Producers!

Leave a comment




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