Russian oil production reaches its lowest level in 11 months in May

MOSCOW (Reuters) – Russia's oil output fell to 11.11 million barrels a day in May from 11.23 million bpd in April, according to data from the Ministry of Energy on Sunday. low level a global agreement to reduce production.

June 2018 production was 11.06 million bpd. In tons, oil production reached 47.004 million euros against 45.975 million euros in April, one day less than the month of May.

The decline in production is mainly due to oil contamination in the Russian Druzhba pipeline, which transported 1 million bpd per day, or 1% of global oil demand. The pipeline, built in the 1960s, transports Russian oil to Europe, including Germany, Hungary, Poland and Slovakia.

Russia plans to clean the pipeline in 6 to 8 months.

The Organization of Petroleum Exporting Countries and other major oil-producing countries, led by Russia, have agreed to reduce production by 1.2 million bpd in total for six months from 1 January, in order to balance the global oil market.

Of this amount, Russia has committed to reduce its production by 228 000 b / d compared to the level of October 2018, to reach 11.18 million b / d.

The OPEC and Russia should exceptionally meet in Vienna later this month or early July to discuss what to do in the second half of the year.

A major oil producer, Saudi Arabia, increased production in May, according to a Reuters survey, but not enough to offset the decline in Iranian exports that collapsed after the US tightening regime tightened. Tehran.

The 14-member OPEC pumped 30.17 million barrels per day (bpd) in May, down 60,000 bpd from April and the lowest total recorded by OPEC since 2015 , according to the Reuters survey.

Natural gas production in Russia was 63.28 billion cubic meters last month, or 2.04 billion cubic meters per day, compared with 64.3 billion cubic meters in April.