Russian April Crude and Condensate Production Up

Russian April Crude and Condensate Production Up Russian April Crude and Condensate Production Up

Russian crude and condensate production totaled 46.45 million tons in April, according to data released Saturday by the Central Dispatching Unit of the Russian Energy Ministry. This is equivalent to around 11.349 million barrels per day, up 0.5% on month.
Russia was free to produce at will in April, as the previous OPEC+ agreement expired at the end of March and the current agreement only came into force at the beginning of May. 
Russia initially expected to increase output by 200,000 bpd in April, but the impact of the coronavirus pandemic and the sharp fall in oil prices affected these plans, S&P Global Platts reported.
From May, Russia has agreed to significantly cut production under the latest OPEC+ agreement. It agreed to cut crude output by 2.5 million bpd in May and June, 2 million bpd in July-December, and 1.5 million bpd in January 2021-April 2022. Its baseline for cuts is 11 million bpd.
On Wednesday, Russian Energy Minister Alexander Novak said he expects Russian oil output to be down 19% in May on February 2020 levels. He said that production is likely to fall by 10% on year in 2020.
Russia produced 560 million tons of crude and condensate in 2019, equivalent to around 11.252 million bpd.
Russian oil exports were 20.748 million tons, or around 5 million bpd in April. Daily average exports were up 1.6% on month.
Deliveries to Belarus were 1.48 million tons, or around 361,124 bpd, up significantly on shipments of 77,508 bpd in March. 

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