Rosneft reports Q4 liquids production up 0.3% on quarter to 3.99 mil b/d

Russia's largest crude producer Rosneft's daily liquids production rose 0.3% on the quarter to average 3.99 million b/d in the fourth quarter of 2021, the company said Feb. 11.

Rosneft's annual liquids production fell 5.7% on the year to average 3.9 million b/d in 2021.

Rosneft's production volumes have fallen since September, largely because it divested some legacy assets in West Siberia and the Volga-Urals region, according to S&P Global Platts Analytics.

Platts Analytics expects the company's output to increase in 2022 after growth of nearly 50,000 b/d on the month in January as a result of recovery from a cold December.

"We expect monthly increases to continue from the remaining spare capacity at Rosneft's older fields, as well as potential ramps at projects including Rospan and Trebs and Titov," Paul Sheldon, Platts Analytics' chief geopolitical adviser said.

The prices for Russia's key crude grade Urals rose by 54% in 2021. Platts estimated Urals at $75.525/b Dec. 31, 2021. This was largely due to a recovery in demand in 2021. Prices have since risen a further 20% to $90.755 Feb. 10.