Page 105 - RusRPTNov20

9.0​ Industry & Sectors 9.1 ​Sector news
9.1.1a​ Oil & gas sector results
CDU TEK has published oil and gas production data for September.
Oil and condensate production in Russia grew 0.7% m/m to 1,355kt/d
(9,892kbbl/d). Lukoil, Tatneft and Bashneft increased their liquids output 0.5% m/m, 0.5% m/m and 1.3% m/m, respectively. Rosneft’s (excl. Bashneft), Surgut’s and Gazprom Neft’s production was down 0.6% m/m, 0.2% m/m and 1.5% m/m, respectively.
Gas production in Russia fell 0.6% y/y but was up 7.9% m/m. ​Novatek’s output (including JVs) grew 8.3% y/y (standalone output was up 7.8% y/y).
Data on gas condensate production in September is not available yet. If it remained close to the July level (90kt/d), then the crude oil production in Russia in September could be around 9.2mmbbl/d. This is marginally above the September OPEC+ quota for Russia, which was 9mmbbl/d. We note it is likely that the m/m increase in natural gas production was accompanied by the higher output of gas condensate.
Russia produced 9.19mn barrels of oil per day in September so its compliance with the OPEC+ oil output reduction deal could amount to 90% in the month of September​, OPEC said on Tuesday in its monthly report. The country’s liquid hydrocarbon output rose by 0.07mn barrels per day on the month to 10.04mn barrels per day. Compliance with the deal by OPEC states increased to 104% in September from 101% in August as the organization’s oil output went down by 50,000 barrels on the month to 24.11mn barrels per day.
The world’s combined oil output in September contracted by 0.06mn barrels per day on the month and 7.83mn barrels per day on the year to 90.71mn barrels per day​.
OPEC reiterated its forecast for a fall in global demand for oil by 9.5mn barrels a day to 90.3mn barrels per day in 2020​, and slightly worsened the 2021 forecast to a rise by 6.5mn barrels per day from the previously projected rise by 6.6mn barrels per day.
105 ​RUSSIA Country Report​ November 2020 www.intellinews.com