• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 2 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 19 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 1 day "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 6 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 8 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 9 days Goldman Betting on Cryptocurrencies
  • 13 days Сryptocurrency predictions
No Deal On Russian Oil Price Cap As Deadline Looms

No Deal On Russian Oil Price Cap As Deadline Looms

The European Union has failed…

Oil Prices Fall As Druzbha Pipeline Resumes Flows

Oil Prices Fall As Druzbha Pipeline Resumes Flows

Oil prices have been falling…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Russian Oil Production Dips For The First Time Since August

  • Local media reports suggest that Russia's March production fell for the first time since August 2021.
  • Russia’s energy ministry has delayed the publishing of official data for the country’s oil production for March.
  • While Russian production has not slumped too much between February and March, buyers in the West continue to steer clear of Russian oil cargoes.

Russia’s energy ministry has delayed the publishing of official data for the country’s oil production for March, citing technical issues, yet reports in local media suggest that oil output fell last month for the first time since August 2021.

Russia pumped the equivalent of 11.01 million barrels per day (bpd) of crude oil and condensate in March, according to Bloomberg calculations based on a report in Russian news agency Interfax. That’s 0.6 percent lower than the production in February.

The decline in March was the first such drop since August 2021, when a fire at a Gazprom processing plant in West Siberia held back some condensate production.

A report from last week also suggested that Russian oil production inched down in March from February, signaling that OPEC’s key partner in the OPEC+ deal has failed to take advantage of its some 100,000-bpd monthly increase allowed under the agreement.

Crude oil and condensate production in Russia fell slightly in March compared to February, Reuters reported on Friday, citing sources with knowledge of the data.

In March, Russia pumped 11.01 million bpd of crude and condensate, down from 11.08 million bpd it had produced in February, according to Reuters’ sources.

Russia doesn’t differentiate between crude oil production and condensate production in its official output figures. After years of debates within the OPEC+ group, Russia has won an exemption not to consider its condensate output as part of the production cut agreement. It is thought that Russian condensate production is in the region of 800,000 bpd-900,000 bpd.

While Russian production has not slumped too much between February and March, buyers in the West continue to steer clear of Russian oil cargoes, and many analysts say it is a matter of time before at least some Russian supply comes off the market.  

In another sign that Russia could be struggling to sell all of its cargoes, Transneft, the Russian oil pipeline operator, has informed local oil companies that it would be capping the intake of yet-to-be-sold crude because of full storage, Reuters reported last week, quoting sources with knowledge of the plan.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on April 04 2022 said:
    It is so pathetic that some journalists, analysts and oil traders want so desperately to prove that customers are shunning Russian oil exports and that Russian oil production and therefore exports are declining that they are clutching at straws to prove their unsubstantiated claims but to no avail.

    The latest straw is that in March Russia pumped 11.01 million barrels a day (mbd) of oil down from 11.08 mbd it had produced in February, according to Reuters’ sources.

    However, a reduction of mere 70,000 barrels a day (b/d) less could be attributed to technical issues as the Russian Energy Ministry pointed out or could have been due to a fire at a Gazprom processing plant in West Siberia that held back some condensate production.

    If claims that consumers are shunning Russian oil exports and that exports are down by 1.0-3.0 mbd as it was claimed, we would have seen Brent crude jump to $140-$150 a barrel. Oil prices don't lie.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News