• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 14 mins Climate Change: A Summer of Storms and Smog Is Coming
  • 9 hours Itt looks like natural gas may be at its lowest price ever.
  • 25 mins Venezuela: Nicolas Maduro closes border with Brazil
  • 34 mins Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 9 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 14 hours North Korea's Kim To Travel To Vietnam By Train, Summit At Government Guesthouse
  • 18 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 9 hours students walk out of school in protest of climate change
  • 1 day Washington Eyes Crackdown On OPEC
  • 1 day Europe Adds Saudi Arabia to Dirty-Money Blacklist
  • 21 hours America’s Shale Boom Keeps Rolling Even as Wildcatters Save Cash
  • 7 hours Mineral rights owners,
Alt Text

New Sanctions Threat Puts Russian Energy Sector On Edge

Growing tensions between Russia and…

Alt Text

The 30 Most Exciting Wildcat Plays Of 2019

As E&Ps are stepping up…

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

Is Russia Cheating On The OPEC Deal?

After three months of steady output, Russia’s crude oil production increased in March to 10.97 million bpd, the highest level since April 2017, as the top two Russian companies boosted their production.

According to data by the Russian Energy Ministry, Russian oil production in March was 46.39 million tons, or 10.97 million bpd, up from 41.85 million tons in February, or 10.95 million bpd.

The March production level showed the first increase since December 2017, and is slightly above Russia’s quota in the production cut deal. 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.

Last month, the two largest Russian oil producers, Rosneft and Lukoil, both raised their production by 0.1 percent compared to February, according to energy ministry data, carried by Reuters. On the other hand, production from projects under production sharing agreements (PSAs) dropped by 0.6 percent in March.

The Russian compliance with the OPEC/non-OPEC deal last month was at 93.4 percent, Energy Minister Alexander Novak said on Monday, explaining the lower compliance with seasonality on the domestic market. Still, Novak reiterated that his country was committed to achieving the oil market rebalancing. Related: An Oil Price Rally Is Likely

Earlier this month, Novak once again confirmed that Russia would continue to comply with the OPEC/non-OPEC deal until the end of this year and even into 2019 if need be.

Novak added, however, that Russia is also on board with an earlier end to the deal, should its partners decide it was the best course of action to follow.

The latest chatter coming from OPEC is that it is fully committed to erasing the global glut. In addition, Saudi Crown Prince Mohammed bin Salman said last week that Saudi Arabia and Russia were looking to solidify their cooperation on crude oil production for another decade or two.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • LM on April 03 2018 said:
    Please clarify you're numbers. I don't see how 20kbod constitutes cheating, maybe it's seasonal production swing that will be compensated with -40 kbod for a month during some shutdowns.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News