Page 103 - RusRPTFeb21

December.
Russian crude and condensate production in December was up 0.3% m/m but down 10.9% y/y in bpd terms to10.0mn bpd. For 2020, Russian liquids production was down 8.8% y/y in bpd terms to 11.2mn bpd. For the year, Gazprom Neft saw the smallest cut in output at just 1.1% y/y, while Bashneft and Slavneft both saw production fall 31% y/y in 2020.
Russian gas production decreased 1.6% y/y to 62.78bcm in December, according to preliminary data reported by CDU-TEK. Gazprom’s production in December was down 2.4% y/y to 45.0bcm. Novatek saw its core production increase 9.4% y/y. For the year, total gas production was down 6.2% y/y to 692bcm, while Gazprom saw a 9.7% y/y decrease. Novatek’s core production was down almost 11% y/y.
Russian exports of crude via Transneft were down 1.7% m/m in December to 3.5mn bpd. Rosneft’s exports slipped 2.8% m/m and Lukoil’s exports were up 1.8% MoM. Pipeline exports of Russian crude were up 0.8% m/m to 7.1mn bpd, and exports to China were up 0.8% m/m to 826mbpd in December.
Deliveries of crude to refineries were flat m/m at 5.5mn bpd in December.
The calculated export price at the Adamova Zastava custody transfer point was up 17% m/m to $47.26/bbl, according to CDU-TEK data.
The Urals price averaged $41.73/bbl in 2020 vs. $63.59/bbl in 2019.
Russian liquids production in the first week of January is up 1.5% m/m, Interfax reported today, quoting an unnamed source. Average daily exports are down 16% m/m and exports via Transneft are down 11% MoM.
103 ​RUSSIA Country Report​ February 2021 www.intellinews.com