Russian Oil Producers Keep April Output Flat Ahead of OPEC+ Cuts
(Bloomberg) -- Russia’s crude oil and condensate production has held steady so far in April as the nation gets ready to deliver its largest ever output cuts in tandem with other global suppliers.
The country’s producers pumped 35.422 million tons of oil from April 1 to April 23, according to data from the Energy Ministry’s CDU-TEK unit seen by Bloomberg. That’s equal to 11.289 million barrels a day, based on a 7.33 barrel-per-ton conversion ratio. The nation pumped just over 11.29 million barrels a day in March.
Russia, which has been free to pump at will since April 1 after the collapse of the previous OPEC+ deal, sees no sense in raising output given the global oil glut, Energy Minister Alexander Novak said earlier this month.
To fight the unprecedented demand drop amid the coronavirus outbreak, the Organization of Petroleum Exporting Countries, Russia and other producers have agreed to curtail collective output by 9.7 million barrels a day beginning in May. Russia’s share of the cuts will reach 2.5 million barrels of crude -- condensate is excluded -- over the next two months.
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