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Russia reaches OPEC+ oil output target by late April - Novak

Russia’s oil output on the last day of April stood at 229,000 barrels per day, minister said

Russia’s oil output on the last day of April stood at 229,000 barrels per day, lower than the level of October 2018 considered as basic in the OPEC+ deal, excluding output under production sharing agreements (PSAs), Russian Energy Minister Alexander Novak said on Thursday.

If PSAs are taking into account, Russia’s production on the last day of April declined by 223,000 barrels per day, Novak said. On average in April, the output fell by 213,000 barrels per day from October without taking into account PSAs and by 197,000 barrels including output under PSA deals.

"In May 2019, Russia will keep oil output at the agreed level," the minister stressed, according to his press service. Russia’s quota under the OPEC+ deal on output cuts is 228,000 barrels per day.

Compared with December 2018, Russia’s oil output dropped by 280,000 barrels per day excluding volumes under PSAs and by 247,000 barrels per day if PSAs are taking into account, Novak said.

Under the agreement, Russia is the only participant that can reduce production gradually as was the case in 2017. Due to technological and climate conditions, production at Russian wells cannot be suspended instantaneously. All in all, OPEC+ countries agreed to reduce crude production by 1.2 mln barrels per day, of which 812,000 barrels accrue to OPEC countries and 383,000 barrels - to non-OPEC states.

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