Russian oil output rises in July, misses OPEC+ target — Ifx

Russian oil output rises in July, misses OPEC+ target — Ifx
Production was up from 9.32 million bpd in June. (FILE/SHUTTERSTOCK)
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Updated 03 August 2020

Russian oil output rises in July, misses OPEC+ target — Ifx

Russian oil output rises in July, misses OPEC+ target — Ifx
  • In tons, Russian oil and gas condensate production rose to 39.63 million in July from 38.16 million in June
  • Russia usually produces 700,000 to 800,000 bpd of gas condensate

MOSCOW: Russian oil and gas condensate production increased to 9.37 million barrels per day (bpd) in July, Interfax news agency reported on Sunday, citing energy ministry data, indicating it missed its output target under a global deal.
Production was up from 9.32 million bpd in June.
From August, the output cuts — agreed between the Organization of the Petroleum Exporting Countries (OPEC) other major producers including Russia, a group known as OPEC+ — are due to be eased.
In tons, Russian oil and gas condensate production rose to 39.63 million in July from 38.16 million in June, Interfax reported.
Under the OPEC+ agreement, Moscow pledged to reduce its output to around 8.5 million bpd in May-July to support oil prices.
The deal does not include output of gas condensate, a light oil.
Russia usually produces 700,000 to 800,000 bpd of gas condensate. That means that excluding gas condensate, Russia could have produced around 8.57 million to 8.67 million bpd of crude oil in July.
The cuts under the global deal should be eased starting from August thanks to a recovery in oil prices. Russia has said it would increase its oil production by 400,000 bpd.
Russian oil exports outside the former Soviet Union stood last month at 15.72 million tons, down 27.1% from July 2019. In barrels per day, exports reached 3.72 million, according to Interfax.
The news agency also said on Sunday that Russian natural gas output reached 50.33 billion cubic meters in July, down 7.9% from a year earlier.


UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
Updated 15 January 2021

UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
  • The fall in gross domestic product much lower than the average forecast for a 5.7 percent drop

LONDON: Britain’s economy shrank by 2.6 percent in November, the first monthly fall in output since the depths of an initial COVID lockdown in April, as new restrictions were imposed on much of the country to slow the spread of the disease.
The fall in gross domestic product reported by the Office for National Statistics was much lower than the average forecast for a 5.7 percent drop in a Reuters poll of economists.
The Bank of England estimates Britain’s economy shrank by just over 1 percent over the final three months of 2020, and with a new lockdown in place since January the country is likely to have fallen into a double-dip recession.
The BoE ramped up its bond-buying program to almost 900 billion pounds in November and Governor Andrew Bailey said this week that it was too soon to say if further stimulus would be needed.