Russia’s oil production remained above levels targeted in a deal with major producers again in April, Reuters reports. The country’s total output during the month fell to 11.23 million barrels per day (bpd) in April from 11.3 million bpd in March, Energy Ministry data showed on Thursday.
The Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia agreed in December to reduce their combined oil output by 1.2 million bpd starting Jan. 1 for six months to try to balance the market.
Several Russian officials including Kirill Dmitriev, head of Russian sovereign wealth fund RDIF, have signaled that Russia wants to raise its output due to improving market conditions.
In tons, Russia’s oil output in April reached 45.975 million versus 47.783 million in March, which is a day longer. Reuters uses a tonnes/barrels ratio of 7.33.
The country has pledged to reduce its oil output by 228,000 bpd to around 11.18 million bpd from the roughly 11.41 million bpd it pumped in October 2018, the baseline for the supply agreement.
Energy Minister Alexander Novak said on Thursday that Russian production in May would be in line with the agreed level.
In a statement, he said Russia had cut its oil output by 213,000 barrels per day (bpd) in April on average from October 2018 levels, excluding production-sharing agreements (PSAs) with foreign companies.
Output at Rosneft, Russia’s largest oil producer, declined by 0.4 percent month-on-month in April. Output at Lukoil was down 0.7 percent, while production at Gazprom Neft jumped 3.2 percent, the data showed.
