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Russian Oil Output Down in April

Russian Oil Output Down in AprilRussian Oil Output Down in April

Russian oil output fell slightly to 10.84 million barrels per day in April, the country's Energy Ministry data showed on Monday, as production declined at large energy firms Lukoil, Gazprom Neft and Gazprom. Two sources close to the ministry had told Reuters that production would edge down in April because of seasonal maintenance at oilfields and refineries, CNBC reported. Russian oil output hit its highest in nearly 30 years in March at 10.91 million bpd. At a meeting in Doha last month, crude producers, including Russia, failed to clinch a deal to freeze output, which suggests the battle for market share will continue. The ministry's data showed production by Lukoil fell 1.1% in April from the previous month, while the decline for Gazprom Neft was 1.2% and Gazprom 13.1%. Top oil producer Rosneft produced 0.5% more oil in April. In tons, Russian oil output reached 44.368 million in April versus 46.149 million in March

 

Financialtribune.com