Date: 30 November 2021

Russian Oil Output Is Growing

Russia raised its oil output by 0.3 percent in November, marking another growth this year. Since early January, Russia saw its total output of some 8.3 percent. Russian oil and gas condensate output rose to 1.485 million barrels per day (bpd) in November 2021. The country is expected to see growth in the months that come amid unlocked output curbs as stipulated in a deal Russia committed itself to within the oil-producing cartel and its allies (OPEC+).

SOURCE: MEDIA.GAZPROM.RU

In recent years Moscow has introduced regulations aimed at deepening curbs in domestic oil production amid the OPEC+ agreement. However, starting from January this year, it was given the right to boost output within a gradual easing of restrictions. For example, the agreements enabled Russia to increase crude production by 125,000 bpd in January, and by another 130,000 bpd in February, and 38,000 bpd in May and July. In August and November, Russia raised its output by 100,000 bpd each month, sticking to the same levels in December 2021. Since January, Russia has increased oil production by some 8.3 percent, when its average output was 1.371 million tons each year. Under the OPEC+ deal, Russia would produce no more than 9.8 million bpd of oil in October and fewer than 9.913 million bpd in November, excluding gas condensate.

Russia’s oil and gas condensate production stood at 10.89 million bpd in November while it averaged 10.05 million bpd in December 2020. The country produces 800,000–850,000 bpd of gas condensate each month. How does oil output growth affect export figures? In November, Transneft, a Russian pipeline transport company, curbed oil shipments through ports by 10 percent, to 10 million tons, compared to October, while handling more petroleum products, showing a 21 percent growth, to 1.8 million tons. In November, the port of Novorossiysk handled 1.38 million tons of oil, the port of Primorsk – 3.6 million, while those in Ust-Luga and Kozmino – 1.99 million and 3.04 million tons, respectively. In November, the facility in Novorossiysk shipped 348,000 tons of crude products while that in Primorsk – 1.425 million.

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