Russian Oil Production Fell in April, While Gas Output Rose

Crude output is being driven by production cuts at integrated oil companies under the OPEC+ agreement.

Russian gas production is rising, led by Novatek. novatek.ru

Russian crude production was down 0.6 percent month-on-month in April as all Russian oil companies except Gazprom Neft reduced oil production, but gas output rose by 3.9 percent year-on-year.

Oil output continues to be driven by the production cuts at integrated oil companies under the OPEC+ agreement, according to the latest figures from federal state budgetary organization the Central Dispatching Department of Fuel Energy Complex (CDU TEK).

Russian crude production down 0.6% m/m in April as all Russian oil companies except Gazprom Neft reduced oil production, but gas output rose 3.9% y/y. bne IntelliNews

The exception was Gazprom Neft, which increased crude output by 3.3 percent month-on-month. The highest production cuts were recorded by Bashneft and Surgutneftegas, at 1.2 percent and 0.9 percent month-on-month, respectively. Lukoil, Rosneft and Tatneft reduced crude output by 0.7 percent, 0.4 percent and 0.4 percent month-on-month, respectively. Non-integrated oil producers decreased crude production by 1.7 percent month-on-month.

bne IntelliNews

Russian gas production was up 3.9 percent year-on-year in April. Novatek’s consolidated production increased 14 percent year-on-year, driven by the ongoing ramp-up at its Yamal liquified natural gas (LNG) plant. Lukoil, Rosneft and Surgutneftegas reduced gas output by 3.4 percent, 3.1 percent and 0.9 percent year-on-year, respectively.

Gazprom’s gas production was 44.2 billion cubic metres (bcm) in April, according to Interfax, showing a modest increase of 1.6 percent year-on-year.

This article first appeared in bne IntelliNews.

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