Oil News: Flood of $25-a-Barrel #Saudi Oil Heading for Europe - Bloomberg

Oil News: Flood of $25-a-Barrel Saudi Oil Heading for Europe - Bloomberg:

Saudi Arabia is unleashing a wave of crude toward Europe, traditionally the backyard for Russian oil sales, pledging to supply regional refineries with as much as triple their usual intake from the kingdom.

The Saudi shipments, coupled with unprecedented discounts, are turning the European oil market into the most bitterly fought corner of an increasingly acrimonious oil price battle between Riyadh and Moscow. Saudi Arabia is offering its flagship Arab Light crude into Rotterdam for roughly $25 a barrel, a massive discount to the price of Russia’s Urals.

European refiners including Royal Dutch Shell Plc, BP Plc, Total SA, OMV AG, Repsol SA and Cepsa SA have all received crude allocations from state-owned Saudi Aramco significantly above their normal levels, according to people familiar with their operations. The range of extra supplies was between 25% and 200%, depending of the company, the same people said.

Shale’s New Reality: Almost All Wells Drilled Now Lose Money - Bloomberg

Shale’s New Reality: Almost All Wells Drilled Now Lose Money - Bloomberg:

America’s shale producers already had a profitability problem. It just got a lot worse.

At a stroke, Saudi Arabia and Russia and their battle for market share have made almost all U.S. shale drilling unprofitable. Only five companies in two areas of the country have breakeven costs lower than the current oil price, according to data compiled by Rystad Energy, an Oslo-based consultancy.

Wells drilled by Exxon Mobil Corp., Occidental Petroleum Corp. Chevron Corp. and Crownquest Operating LLC in the Permian Basin, which stretches across West Texas and southeastern New Mexico, can turn profits at $31 a barrel, Rystad’s data show. Occidental’s wells in the DJ Basin of Colorado are also in the money at that price, which is where oil settled Monday.

But that’s not the case for the rest of the shale industry -- more than 100 operators in a dozen fields. For them, drilling new wells will almost certainly mean going into the red.

Oil slumps as stock markets sink, while #Saudi, #UAE plan to boost capacity - Reuters

Oil slumps as stock markets sink, while Saudi, UAE plan to boost capacity - Reuters:

Oil prices fell 4% on Wednesday, sinking into the close of trading with renewed weakness in the stock market after the World Health Organization said the global coronavirus outbreak is now a pandemic, and as major oil producers announced plans to escalate the burgeoning price war.

Brent crude settled down $1.43, or 3.8%, at $35.79 per barrel, while U.S. West Texas Intermediate (WTI) crude ended down $1.38 or 4% to $32.98.

Risk assets tumbled throughout the day, but accelerated losses late as the number of coronavirus cases increased and numerous countries restricted travel.

“What caused the dump in oil prices in the last minutes before the oil market close was when the stock market made new lows,” said Phil Flynn, analyst at Price Futures Group in Chicago. “News on the coronavirus does not seem to be inspiring demand hopes right now.”

Oil Continues Decline Amid Intensifying OPEC Market Share Battle - Bloomberg

Oil Continues Decline Amid Intensifying OPEC Market Share Battle - Bloomberg:

Oil’s rebound from its biggest crash in a generation halted after Saudi Arabia said it would boost its production capacity, and the United Arab Emirates said it would raise output.

Futures fell as much as 4.3% in New York. The battle for market share intensified as Saudi Aramco announced plans to boost its oil production capacity to 13 million barrels a day and Abu Dhabi National Oil Co. vowed to pump as much as possible next month. Meanwhile, a government report showed U.S. crude stockpiles rose 7.66 million barrels last week, the biggest build since November.

The oil market’s bearishness was reflected in the nearest timespread for the global Brent benchmark which sank deeper into a contango structure, signaling oversupply. The marker is at its weakest since 2016, creating incentive for traders to book tankers to store oil they can sell later at a profit. It’s also a sign that, at low prices and despite the coronavirus, there can still be plenty of demand for oil from those countries ramping up output.

“OPEC out for market share is tipping the market in negative territory,” said Bob Yawger, director of the futures division at Mizuho Securities USA. “There was an expectation that  the Trump Administration would provide stimulus and that failed to materialize.”

Exclusive: Russia to OPEC: deeper oil cuts won't work - Reuters

Exclusive: Russia to OPEC: deeper oil cuts won't work - Reuters:

This week’s oil price rout had become inevitable and cutting oil output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will be, Russia’s deputy energy minister said in an interview with Reuters on Wednesday.

Last week, Saudi Arabia failed to secure Moscow’s support for deeper output cuts at a meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.

Following the disagreement, Saudi Arabia has threatened to flood the market with oil. Oil prices LCOc1 fell by as much as a third on Monday and fell again on Wednesday.

OPEC had proposed to deepen cuts by 1.5 million barrels per day (bpd) and Russia was asked to cut an extra 300,000 bpd.

Pavel Sorokin, Russia’s deputy energy minister, described that task, which would have doubled Moscow’s commitment to 600,000 bpd, as technically challenging.

OPEC Sees No Oil Demand Growth in 2020 as Virus Batters Forecast - Bloomberg

OPEC Sees No Oil Demand Growth in 2020 as Virus Batters Forecast - Bloomberg:

OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.

Having expected a month ago that fuel consumption would increase by just under 1 million barrels a day, or 1%, in 2020, the group said in a report on Wednesday it now sees an increase of just 60,000 barrels a day. It also sharply cut estimates for supplies from rivals as lower prices hobble U.S. shale drillers.

“The outbreak is also assumed to severely affect oil demand growth in various other countries and regions outside China,” the report said.

Banque Havilland Investigated by FCA Over #Qatar FX Manipulation - Bloomberg

Banque Havilland Investigated by FCA Over Qatar FX Manipulation - Bloomberg:

David Rowland’s Banque Havilland SA faces investigations by Britain’s financial regulator over its role in what the Qatari government has called a “brazen scheme” to manipulate currency and bond markets during an embargo that cost the Gulf nation billions.

The bank, which has historic ties to Abu Dhabi, told the Qataris that it is preparing for litigation with the U.K.’s Financial Conduct Authority and its Luxembourg counterpart, according to a Qatari filing for a U.K. court hearing. The lender has had communications with both regulators, a lawyer for the bank said March 5 outside of court.

Qatar sued Banque Havilland in London last year, accusing the lender of leading a financial attack with the aim of destabilizing the Qatari riyal at the same time as its Gulf neighbors blockaded the gas-rich nation. It’s relying on a presentation prepared by a Banque Havilland analyst that Qatar says detailed an attempt to deplete the country’s reserves and damage its ability to host soccer’s 2022 World Cup. 


“Banque Havilland cooperates fully with its regulators,” the lender said in an email. “Insofar as the bank is responding to allegations raised by the government of Qatar, the proceedings

Prince Alwaleed’s Fortune Plunges $22.3 Billion From 2014 Peak - Bloomberg

Prince Alwaleed’s Fortune Plunges $22.3 Billion From 2014 Peak - Bloomberg:

The net worth of Saudi Arabia’s once high-flying billionaire, Prince Alwaleed bin Talal, has plunged $22.3 billion from its peak six years ago.

The eruption of an oil-price war with Russia and fears over the spread of the novel coronavirus have contributed to the wealth destruction. Adding to the chaos, Crown Prince Mohammed bin Salman detained more royals.

Alwaleed’s $13.8 billion fortune is at its lowest since 2012, when he debuted at No. 24 on the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. The man who had often been described as the Warren Buffett of the Middle East, with a net worth that climbed as high as $36.1 billion in 2014, is now No. 93 on the list.

Alwaleed, 65, rose to prominence in 1991 with an audacious bet on Citigroup Inc.’s predecessor and, more recently, with investments in Twitter Inc. and Snap Inc. He was among the most recognizable figures ensnared in the Crown Prince’s 2017 crackdown on purported corruption, with hundreds of senior princes and businessmen detained at the Ritz-Carlton in Riyadh. The arrest erased $1.2 billion from Alwaleed’s net worth.

Tanker rates soar as #Saudi's Bahri books up to 14 ships for rising output - sources - Reuters

Tanker rates soar as Saudi's Bahri books up to 14 ships for rising output - sources - Reuters:

Saudi Arabia’s National Shipping firm, Bahri, has tentatively chartered as many as 14 super-tankers to ship crude oil to customers worldwide, as the Kingdom follows through with its promise to boost crude oil output.

The spike in bookings by Bahri, which owns a fleet of 42 very large crude-oil carriers (VLCC) super-tankers, has helped to more than double super-tankers shipping rates amid this week’s ‘fixing frenzy’, shipping sources said.

VLCC tanker rates along the Middle East Gulf to China route have more than doubled to about $70,000 per day on Wednesday, up from about $30,000 per day on Monday, according to several ship broking sources.

Saudi Arabia and Russia both said they would raise production at the weekend after a three-year pact between them and other major oil producers to limit supply fell apart on Friday, sending global oil prices plunging.

Oil falls as #Saudi, #UAE plan for higher output capacity - Reuters

Oil falls as Saudi, UAE plan for higher output capacity - Reuters:

Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak.

Brent crude was down $1.01, or 2.7%, at $36.21 per barrel by 11:01 ET (1601 GMT), while U.S. West Texas Intermediate (WTI) crude was off 92 cents or 2.7% at $33.44‮‮.‬‬

With the collapse of coordinated output cuts by Saudi Arabia, Russia and others, the Saudi energy ministry has directed producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd).

MIDEAST STOCKS- #Saudi, #UAE indexes fall as oil prices drop - Reuters

MIDEAST STOCKS-Saudi, UAE indexes fall as oil prices drop - Reuters:

Stock markets in Saudi Arabia and United Arab Emirates
(UAE) closed lower on Wednesday as oil prices fell after both the countries
promised to raise oil output amid an oil-supply policy dispute with Russia.

Saudi Arabia directed Saudi Aramco to raise its oil production capacity to
13 million barrels per day from 12 million bpd. UAE's national oil company
(ADNOC) said that it would raise crude supply to more than 4 million bpd in
April and would accelerate plans to boost its capacity to 5 million bpd. 


Brent crude fell almost 3% to $36.13 per barrel by 1221 GMT.

On Monday, Saudi Arabia slashed crude prices for April and set plans to
raise production next month after Russia refused to support deeper oil
production cuts, causing oil prices to fall 25% and Gulf equities to post record
declines.

Saudi Arabia's index declined 3.1% as Saudi Aramco plunged
4.7% to 29.70 riyals ($7.91) below its initial public offering price of 32
riyals.

Al Rajhi Bank lost 3% and National Commercial Bank was
down 3.8%.

#Dubai businesses, hurt by coronavirus, pin hopes on Expo - Reuters

Dubai businesses, hurt by coronavirus, pin hopes on Expo - Reuters:

Luxury car rental dealer Sheshan Gautham had a disappointing start to 2020 when nearly two thirds of his Chinese clients canceled bookings in January due to the coronavirus outbreak.

The business, Uptown Rent A Car, took the hit and Gautham thought the worst was over. But then Saudi Arabia, his biggest source of customers, halted flights to and from the United Arab Emirates this week to stop the virus spreading.

“Chinese love driving Lamborghinis ... (but) Saudis are our biggest market,” he told Reuters at the dealership in Dubai’s glitzy downtown area.

The dealership, which has 120 cars, including BMWs and Rolls Royces that rent for up to 8,000 dirhams ($2,178) per day, is close to the Dubai Mall and Burj Khalifa skyscraper that are major draws for millions of tourists.

Aramco shares plunge as oil prices weaken on output surge plans - Reuters

Aramco shares plunge as oil prices weaken on output surge plans - Reuters:

Shares of Saudi Aramco 2222.SE fell sharply in afternoon trade on Wednesday, reacting to a 1% drop in oil prices after Saudi Arabia announced plans to boost oil output capacity for the first time in more than a decade.

At 1159 GMT, Aramco shares were trading at 29.70 Saudi riyals ($7.91), down 4.7% from their previous close, and well below their initial public offering price of 32 riyals, which in the December listing valued Aramco at $1.7 trillion.

Oil Price War, Video: Jeff Currie of Goldman Sachs Says Crude Has Substantial Downside Risk - Bloomberg

Oil Price War, Video: Jeff Currie of Goldman Sachs Says Crude Has Substantial Downside Risk - Bloomberg:



Jeff Currie, head of global commodities research at Goldman Sachs, discusses the outlook for oil prices amid an escalation in a battle for control of the global petroleum market between Saudi Arabia, Russia and other oil producers. Currie speaks on "Bloomberg Surveillance." (Source: Bloomberg)

Coronavirus #UAE Latest Updates: Revealed: the impact of coronavirus on the UAE banking sector - Arabianbusiness

Coronavirus UAE Latest Updates: Revealed: the impact of coronavirus on the UAE banking sector - Arabianbusiness:

The ongoing coronavirus epidemic may lead to reduced borrowing and lending, impacting banks that work in corporate and personal finance in Dubai and the Middle East, according to Mathieu Vasseux, head of financial services MEA at Oliver Wyman.

According to Vasseux, growing anticipation of a cyclical economic downturn accelerated by the impact of the coronavirus has worsened credit quality and limited funding, which in turn will place greater pressure on the liquidity of financial institutions, particularly banks.

Earlier this week, the Central Bank of the UAE (CBUAE) requested that banks implement measures to counteract the effects of Covid-19, including rescheduling loans, offering temporary deferrals on monthly loan payments and reducing fees and commissions.

Oliver Wyman noted that poorer credit quality increases the reliance on the banking sector to provide loans and fund development, placing greater pressure on liquidity levels. Impaired liquidity in the banking sector limits funding, which could raise a barrier toward business growth and personal finance relief that could lead to a detrimental cycle in the region.

Muddy Waters founder calls new NMC Health debt 'a massive fraud' - Arabianbusiness

Muddy Waters founder calls new NMC Health debt 'a massive fraud' - Arabianbusiness:

NMC Health uncovered $2.7 billion of debt hidden from its board that was used for unknown purposes, tipping the troubled Middle Eastern hospital operator into a full-blown accounting scandal.

The company, which until recently traded in the FTSE 100, is trying to establish the exact “nature and quantum” of the debt facilities, but some of the money may have been used for unauthorized purposes, NMC said late Tuesday. The discovery more than doubles NMC’s borrowings to around $5 billion, up from the $2.1 billion that was disclosed in June.

The revelations deal a hammer blow to the Abu Dhabi-based hospital chain, which has been in free fall since December, when short seller Muddy Waters Capital alleged that NMC overpaid for assets, inflated cash balances and understated debt. The debt disclosures heap fuel on concerns that arose when an investigation found the board was unaware of borrowing arrangements involving NMC’s founder and its former vice chairman.

The discovery that NMC “has at least $2.7 billion in undisclosed debt and no cash, it is no longer just a fraud. It is a massive fraud,” Muddy Waters founder Carson Block said in an emailed statement.

Port firm DP World sees 2019 profits drop 8.3% as it delists

Port firm DP World sees 2019 profits drop 8.3% as it delists:

Dubai-based port operator DP World said Wednesday its profits fell 8.3% to $1.18 billion in 2019, warning that global trade remains threatened by trade wars and the spread of the new coronavirus.

The annual report may be last for the port operator that’s predominantly government-owned in this sheikhdom, and which is also home to the long-haul carrier Emirates and Dubai International Airport, the world’s busiest for international travel.

DP World announced in February plans to delist from the Nasdaq Dubai over concerns about looming global economic worries, putting the firm fully back in government control.

In its results, DP World said its revenue in 2019 jumped to $7.68 billion, a 36.1% increase it attributed to a year of acquisitions by the operator. The company now operates across 51 countries around the world ranging from Brisbane, Australia, in the East to Prince Rupert, Canada, in the West.

#UAE News: Abu Dhabi to Boost Oil Output, Join OPEC Price War - Bloomberg

UAE News: Abu Dhabi to Boost Oil Output, Join OPEC Price War - Bloomberg:

Abu Dhabi National Oil Co. will boost crude supply to customers to more than 4 million barrels a day in April as OPEC’s third-biggest producer joins an oil supply battle sparked by Saudi Arabia and Russia.

Adnoc is also accelerating plans to boost output to 5 million barrels a day, the company said in a statement.

Supplying that much crude to the market would mean adding more than 1 million barrels a day to what the United Arab Emirates pumped in February, according to Bloomberg data.

#Saudi Banks Seen as Gulf’s Most Vulnerable in Oil-Price War - Bloomberg

Saudi Banks Seen as Gulf’s Most Vulnerable in Oil-Price War - Bloomberg:

Saudi Arabian banks may pay the biggest price among their regional peers as the kingdom enters an oil-price war.

Lenders in the world’s largest oil exporter, already dealing with a fragile economy, now have to contend with plummeting crude prices -- which could lead to more problem loans -- and the fallout of the coronavirus that’s closed the kingdom’s schools and limited cross border movement. A surprise interest rate cut last week also means profit margins are under pressure.

“Sustained lower oil prices would undoubtedly impact the private sector and lead to a pick-up in delinquencies,” said Chiro Ghosh, an analyst at investment bank SICO BSC in Bahrain. Saudi banks with a high share of corporate loans “are at greater risk” so will “focus more on mortgage loans to protect their margin.”

While the full impact of oil’s 43% drop this year are unclear, profits may come under pressure in the longer term if the kingdom reins in spending. Tighter domestic budget conditions could also result in less state deposits being parked with banks, reducing their ability to use that money for lending and increasing their cost of capital.

Oil Resumes Decline as Saudis, #UAE Vow Further Output Boost - Bloomberg

Oil Resumes Decline as Saudis, U.A.E. Vow Further Output Boost - Bloomberg:

Oil’s rebound from its biggest crash in a generation halted after Saudi Arabia said it would boost its production capacity, and the United Arab Emirates joined them in raising supplies.

Brent crude fell 3.4% in London after being up almost 7% earlier. Saudi Aramco said Wednesday it was making maximum efforts to boost its oil production capacity to 13 million barrels a day from 12 million after pledging to supply a record 12.3 million barrels a day next month in a massive increase. Abu Dhabi National Oil Co. will boost oil supply to over 4 million barrels a day, it said in a statement.


In the U.S., President Donald Trump pitched a payroll tax holiday and relief for the travel and hospitality sectors to combat the virus’s impact, while some Republican senators suggested a bailout for the shale industry.

The Trump administration’s willingness to revive the economy comes after the disintegration of OPEC+ and subsequent plunge in oil prices threatened the U.S. shale industry and spurred an indiscriminate sell-off in markets already reeling from the coronavirus. However, investor hopes were tempered when the president didn’t appear at a White House briefing Tuesday after promising a day earlier he’d hold a news conference to announce a major stimulus.

#SaudiArabia News: Aramco to Boost Oil Capacity to 13 Mln B/D - Bloomberg

Saudi Arabia News: Aramco to Boost Oil Capacity to 13 Mln B/D - Bloomberg:

Saudi Arabia ordered state-run oil producer Aramco to boost the kingdom’s output capacity by 1 million barrels a day, the latest escalation in a battle for control of the global petroleum market.

While delivering the extra capacity may take years and many billions of dollars in investment, the decision shows that Crown Prince Mohammed bin Salman has little intention of pulling back from his aggressive response to the breakdown of OPEC’s alliance with Russia and other oil producers.

The country’s energy ministry, headed by Prince Mohammed’s half-brother, ordered Saudi Aramco to boost its output capacity for the first time in at least a decade. The world’s biggest oil exporter will raise capacity to 13 million barrels a day from 12 million, it said Wednesday in a statement.

“The company is exerting its maximum efforts to implement this directive as soon as possible,” Chief Executive Officer Amin Nasser said in a separate statement. Aramco didn’t specify when it would reach the higher capacity level or how much investment such an increase would require.

Oil falls as #Saudi Aramco aims to increase output capacity - Reuters

Oil falls as Saudi Aramco aims to increase output capacity - Reuters:

Oil prices fell on Wednesday, giving up earlier gains, pressured by Saudi Arabia’s plans to boost oil production capacity for the first time in more than a decade and weakened demand due to the spread of the coronavirus.

Brent crude was down 74 cents or 2% to $36.48 per barrel by 0930 GMT, while U.S. West Texas Intermediate (WTI) crude was off 75 cents or 2.2% at $33.61‮‮.‬‬

With the collapse of coordinated output cuts by Saudi Arabia, Russia and others, the Saudi energy ministry has directed producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd).

“Oil’s supply-demand dynamics still point to a bias for weakness, as Saudi Arabia and Russia engage in a price war that threatens to push global markets into oversupplied conditions, at a time when global demand is being eroded by the coronavirus outbreak,” Han Tan, Market Analyst at FXTM.

#Dubai's DP World sees demand rebound as Chinese factories restart - Reuters

Dubai's DP World sees demand rebound as Chinese factories restart - Reuters:

Global port operator DP World (DPW.DI) has seen demand bounce back in recent weeks as Chinese factories have restarted, providing a glimmer of hope in a business world gripped by fears about the spread of the new coronavirus.

The COVID-19 virus, which emerged in China late last year, shut cities and factories across the country for weeks, disrupting shipments and global supply chains.

It has since spread around the world, claiming more than 4,000 lives and sending markets into a tailspin.

But it has abated in China, and the comments from DP World could raise hopes over a broader “V-shaped” recovery from the crisis.

DP World, which operates ports from Hong Kong to Dakar, said the shutdown in China hit demand, but in recent weeks it had bounced back.

“We haven’t seen any significant impact (overall) of COVID-19, however, it remains a cause of concern”, finance chief Yuvraj Narayan said on a phone call with reporters on Wednesday.

#SaudiArabia has asked state agencies to implement big budget cuts: sources - Reuters

Saudi Arabia has asked state agencies to implement big budget cuts: sources - Reuters:

Saudi Arabia has asked state agencies to submit proposals for cuts of at least 20% to their budgets in a fresh austerity drive to cope with a sharp drop in oil prices, four sources familiar with the matter said.

They said the requests were made more than a week ago due to concerns about the impact of the coronavirus epidemic on crude markets and ahead of the collapse of an oil output deal between OPEC and its allies on Friday.

One of the sources told Reuters that when the budget requests were sent, Saudi officials had been anticipating difficult talks with Russia over the need for deeper output curbs to stabilise markets. Moscow did reject the proposal, triggering a war for market share between the two countries which has sent crude prices plummeting.

“The oil market was already down due to the coronavirus impact on demand from China, plus there were communications at the (Saudi) sovereign level and the Russians weren’t positive,” the source said.

Mideast Stocks: Most major Gulf markets slip in early trade as #Saudi raises oil production | ZAWYA UAE Edition

Mideast Stocks: Most major Gulf markets slip in early trade as Saudi raises oil production | ZAWYA UAE Edition:

Most major Gulf markets slipped in early trade on Wednesday as Saudi Arabia appeared to follow through with its promise to boost crude oil output amid a price war with Russia.

Saudi Arabia on Wednesday directed the oil giant Saudi Aramco to raise its oil production capacity to 13 million barrels per day (bpd) from 12 million bpd.

On Monday, Saudi Arabia's slashed crude price for April and set plan to raise production next month after Russia refused to support deeper oil production cuts, sending oil prices to a 25% slump and Gulf equities to their records falls.

Saudi Arabia's index was down 0.3% as Saudi Aramco lost 0.6% to 30.95 riyals.

Hotel operator and developer Jabal Omar Development shed 1.4%, while Al Rajhi Bank edged down 0.2%.

Russia Fires Back: Could Boost Oil Production By 500,000 Bpd | OilPrice.com

Russia Fires Back: Could Boost Oil Production By 500,000 Bpd | OilPrice.com:

Russia can raise its oil production by 200,000 bpd to 300,000 bpd in the short term, with a potential for up to a total increase of 500,000 bpd, Russian Energy Minister Alexander Novak told news channel Rossiya 24 on Tuesday.

The Russian companies will be reassessing their investment and production plans after they are no longer obliged to stick to the OPEC+ deal, Novak said.   


Just before the OPEC+ meeting last week—which turned into a fiasco for OPEC’s leader Saudi Arabia after Russia refused to back additional massive production cuts—Russia’s average oil production had increased to 11.29 million bpd in February, up by 3.2 percent on the year and slightly up from 11.28 million bpd in January.  

Russia’s oil production figures, however, include gas condensate, which, as of this year, is not included in the Russian production and quota as part of the OPEC+ production cut agreement.