• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 10 hours Could Venezuela become a net oil importer?
  • 2 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 13 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 19 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 10 hours Gazprom Exports to EU Hit Record
  • 13 hours Why is permian oil "locked in" when refineries abound?
  • 3 hours Oil prices going down
  • 11 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 9 hours Could oil demand collapse rapidly? Yup, sure could.
  • 9 hours Oil Buyers Club
  • 13 hours EVs Could Help Coal Demand
  • 7 hours Saudi Arabia turns to solar
  • 1 day Teapots Cut U.S. Oil Shipments
  • 19 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 41 mins Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
OPEC Confident Global Oil Demand Will Stay Strong

OPEC Confident Global Oil Demand Will Stay Strong

The OPEC technical panel has…

Where Will U.S. Frackers Drill Next?

Where Will U.S. Frackers Drill Next?

With oil prices having stayed…

Russian Oil Output Down 307,600 Bpd

Oil

Russian oil output is down 307,600 barrels per day, compared to October levels, according to the country’s oil minister.

“At the end of July 2017, the reduction of oil production stood at 307,600 barrels a day as compared to October 2016,” Minister Alexander Novak told reporters. “Therefore Russia is meeting is obligations on lowering production.”

Novak was referring to the promise Moscow made to OPEC and 10 other NOPEC nations in November to cut production by 300,000 bpd in an effort to rebalance oil supply wth demand.

A week ago, Novak had said Russian cuts totaled 308,000 bpd in June.

OPEC and non-member partners agreed to extend the agreement through March 2018 in late May, but the news has not translated to substantially higher barrel prices. High output from Libya, Nigeria, and the United States has offset the intended effect of the cartel’s production cuts. Nigeria recently announced its intention to limit output at 1.8 million, once its national production recovers to that level later this year.

Oil prices are doing better now than they were in June, when they reached a seven-month low below $45. At the time of this article’s writing, Brent traded down 2.75 percent at $51.27.

Novak also previously emphasized that over the last six months, global crude oil supply has shrunk by 350 million barrels thanks to OPEC’s production reduction deal. The minister spoke at a summit in St. Petersburg tasked to track the progress of the agreement.

Compliance to the output cuts on the OPEC side has been above 100 percent for the past few months, though export levels amongst Saudi Arabia, Iraq, and Iran have fluctuated in the fight to keep market share as American distributors carve out their own customer base.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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