Russia Oil Output Unchanged in August

Russian oil output stood at 11.21 million barrels per day in August, unchanged from 11.21 million bpd in July, Energy Ministry data showed on Sunday. In tons, oil output reached 47.41 million versus 47.42 million in July, Reuters reported. This is while Russia proposed a production boost in the third quarter by 1.5 million bpd. According to export schedules and oil transit plans, Russia’s crude oil exports and transit were set to rise to 63.34 million tons in the third quarter this year, from 62.45 million tons expected for the second quarter. This increase translated into a 20,000-bpd boost in exports, according to Reuters calculations. However, the country has so far latched on to its crude reserves, which is likely because it does not have the capacity to hike crude production. The country's gas output was also steady in the past two months. Russia's gas production was at 54.62 billion cubic meters last month, or 1.76 bcm a day, versus 53.92 bcm in July.