• 7 minutes Does S Arabia Have 2 Mln Barrels in Spare Capacity?
  • 11 minutes Oil prices going down
  • 19 minutes Venezuela, the largest oil reserve in the world, faces deep shortages of motor oil
  • 5 hours 67.50 was the low for now, $70 - $76+ back in play
  • 4 hours EU And Japan Sign Historic Free Trade Deal
  • 3 hours Where 3 Million Electric Vehicle Batteries Will Go When They Retire?
  • 24 hours Well from $74 we hit 67.xx now what?
  • 3 hours Daimler and BMW Will Beat Tesla in EV Race
  • 8 hours Germany: We Can No Longer Fully Rely On U.S. White House
  • 12 hours Chartist predicting a $1 fall, after WTI drops $10
  • 4 hours China’s Technology Sector Takes On Silicon Valley
  • 1 day Trade War of 1930s, Extended the Great Depression
  • 8 hours Trump-Putin Helsinki Summit And Oil Prices
  • 15 hours Chile Becomes The Latest Country To Commit To 100% Renewables
  • 22 hours Rio Tinto Says $4-Million Goodbye to Coal
  • 4 hours Trump mulling releasing 5 to 30 Mill Barrels
  • 1 day Kaplan Says Rising Oil Prices Won't Hurt US Economy
Alt Text

Chinese Refiner Stops U.S. Oil Imports, Turns To Iranian Crude

Independent refiner Dongming Petrochemical Group…

Alt Text

OPEC Won’t Take Additional Action As Oil Prices Rise

UAE oil minister al-Mazrouei said…

Alt Text

Do Trump’s Tweets Point To Another Oil Crisis?

Trump’s seemingly contradictory tweets towards…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Russia Keeps January Oil Production Below 11 Million Bpd

oil rigs

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:




Back to homepage

Trending Discussions


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