Russia’s Oil Output Hits Post-Soviet High Despite OPEC+ Deal - Bloomberg:
Russia’s crude oil and condensate output hit a post-Soviet high last year even as it curbed production under an agreement with OPEC.
The 11th consecutive year of output growth underscores the reality of Russia’s cooperation with the Organization of Petroleum Exporting Countries. Despite being one of the architects of the original 2016 deal, Moscow has a poor record of fulfilling its pledged production cuts and has come under pressure from its allies to do better.
The country consistently failed to meet its quota last year, overshooting its target in nine of the 12 months, Bloomberg calculations show. The Energy Ministry has come up with various explanations for producing above the target -- from the limitations of a harsh climate to technical issues after the Druzhba oil-contamination crisis.
Russia produced 560.2 million tons of oil in 2019, up 0.8% from the previous year, preliminary data from the Energy Ministry’s CDU-TEK unit show. That’s equivalent to 11.25 million barrels a day, according to Bloomberg calculations. Russia produced
Russia’s crude oil and condensate output hit a post-Soviet high last year even as it curbed production under an agreement with OPEC.
The 11th consecutive year of output growth underscores the reality of Russia’s cooperation with the Organization of Petroleum Exporting Countries. Despite being one of the architects of the original 2016 deal, Moscow has a poor record of fulfilling its pledged production cuts and has come under pressure from its allies to do better.
The country consistently failed to meet its quota last year, overshooting its target in nine of the 12 months, Bloomberg calculations show. The Energy Ministry has come up with various explanations for producing above the target -- from the limitations of a harsh climate to technical issues after the Druzhba oil-contamination crisis.
Russia produced 560.2 million tons of oil in 2019, up 0.8% from the previous year, preliminary data from the Energy Ministry’s CDU-TEK unit show. That’s equivalent to 11.25 million barrels a day, according to Bloomberg calculations. Russia produced
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