Of the Russian Federation in March has reduced oil production as part of a deal with OPEC on 161 thousand barrels per day
MOSCOW, March 20. /TASS/. Russia in the framework of the agreement with the OPEC has reduced oil production as of March 19, at 161 thousand barrels per day compared to October 2016, is used as the benchmark level. About this TASS said a source familiar with official statistical data on oil production in Russia.
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Average production in March was 1.51 million tons compared to 1,532 million tons in October (to convert to barrels used a conversion rate of 7.33).
Compared with October average daily oil production in March fell by almost all companies except “Rosneft” and “Gazprom oil” . So, the biggest oil company of Russia (excluding Bashneft) had increased by 10.6% to 582 thousand tonnes (4.26 million barrels per day), “Gazprom oil” – on 43%, to 163,4 thousand tonnes (1.2 million barrels).
Production was down at “LUKOIL” – on 0,9%, to 226,1 thousand tons, “Surgutneftegaz” – on 3%, to 166 thousand tons, “Tatneft” – on 3,5%, to 79.6 thousand tons and RussNeft – 4% to 19.2 thousand tons. Average daily production of Bashneft declined in March compared to October doubled and amounted to 29.1 thousand tons.
Russia under the agreement with OPEC in the first half of 2017 pledged to cut oil production compared to October 2016, to 300 thousand barrels per day. As stated Minister of energy Alexander Novak, due to technological peculiarities of production in Russia to reach 100% quota fulfillment is only possible by the end of April. At the end of March, planned to reach 200 thousand barrel per day, he said.