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Russia data: Jul crude oil exports rise 3.7% on month to 4.735 mil b/d

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Russia data: Jul crude oil exports rise 3.7% on month to 4.735 mil b/d

Moscow — Russia's July crude oil and condensate output rose 1.4% month on month to 11.215 million b/d, in line with Russia's pledge in late June to boost output under the deal with OPEC and other non-OPEC producers, preliminary data by the Central Dispatching Unit, the statistical arm of the energy ministry, showed Thursday.

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Russia produced 47.429 million mt of liquids in July, up 2.4% year on year, it showed.

In daily volumes for July, the country added nearly 149,000 b/d to its June production, according to CDU data and based on a 7.33 barrels per metric ton conversion rate.

Following the decision to amend the output cut deal in June, Russia said it would increase production by 200,000 b/d as part of the group's decision to increase combined output by 1 million b/d. Last week, Russia's energy minister Alexander Novak said the country would bring up to 250,000 b/d of its output cut back to the market in July.

Under the original deal in force since January 2017, Russia had agreed to cut 300,000 b/d from its October 2016 output of 11.247 million b/d.

On Wednesday, Novak said Russian crude and condensate output in July was 40,540 b/d below the October 2016 level. The CDU data, however, puts the volume 32,000 b/d below October's figure that the ministry uses as a base. The ministry previously explained the difference with its use of varied coefficients to calculate daily output depending on the fields the crude comes from.

Russia's crude exports outside the CIS rose by 3.7% month on month to 4.735 million b/d in July, as domestic crude deliveries dropped by 0.2% month on month to 5.994 million b/d, the data showed.

The CIS consists of 11 former Soviet republics -- Russia, Ukraine, Belarus, Uzbekistan, Armenia, Azerbaijan, Turkmenistan, Kazakhstan, Kyrgyzstan, Moldova and Tajikistan.

-- Nastassia Astrasheuskaya, nastia.astrasheuska@spglobal.com

-- Edited by Geetha Narayanasamy, geetha.narayanasamy@spglobal.com