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Oil

RUSSIA DATA: July crude and condensate output up 0.4% on month at 9.37 mil b/d

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RUSSIA DATA: July crude and condensate output up 0.4% on month at 9.37 mil b/d

Highlights

Output down 16% on year

Output, exports limited by OPEC+ quota

Moscow — Russian crude and condensate production totaled 39.63 million mt, equivalent to around 9.37 million b/d, in July, up 0.4% month on month, and down 16% year on year, according to preliminary data released by the central dispatching unit of the Russian energy ministry August 2.

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Russia agreed to cut crude production over May to July by 2.5 million b/d from a baseline of 11 million b/d to 8.5 mil b/d under the OPEC+ agreement. Russian condensate production is excluded from the agreement. The ministry has not yet provided separate figures for crude and condensate production for July. Condensate accounts for around 8% of overall output.

Exports of Russian oil in July totaled 15.724 million mt, or around 3.72 million b/d, according to the data. Daily average deliveries were down 11.2% from shipments of around 4.19 million b/d in June. July exports were down 27% from deliveries of 21.56 million mt, or around 5.1 million b/d in July 2019.

Deliveries to Belarus totaled 1.49 million mt, or around 353,424 b/d. These were up 44% month on month, and 1.6% year on year.

Domestic deliveries totaled 22.39 million mt, equivalent to around 5.29 million b/d. These were up 3.3% on deliveries of around 5.12 million b/d in June. July shipments were down 11.8% from shipments of 25.368 million mt, or around 6 million b/d, in July 2019.

From August, quotas under the deal increase, with Russia committing to produce no more than 9 million b/d until the end of 2020. Russian officials have said the bulk of this increase will go to domestic refineries. Output volumes under the deal may be revised, with the joint ministerial monitoring committee next scheduled to meet August 18 to review compliance and assess market conditions.