Page 7 - FSUOGM Week 14 2021

FSUOGM PERFORMANCE FSUOGM

Russian oil supply up

1.3% m/m in March

RUSSIA RUSSIAN oil and gas condensate produc- to 24.49mn tonnes (5.79mn bpd), and dropped a
tion was up 1.3% month on month in March mere 6.6% in the first quarter to 69.48mn tonnes
Gas production, on at 43.3mn tonnes, or 10.2mn barrels per day (5.66mn bpd).
the other hand, has (bpd), according to preliminary data published Refining throughput was down 6.8% in the
gone from strength to by the energy ministry’s CDU TEK unit on first quarter at 68.3mn tonnes (5.56mn bpd),
strength. April 2. while production of petroleum products was
However, the volume was still down 9.3% down 4.4% at 24mn tonnes in the three-month
year on year as a result of OPEC+ restrictions period.
that came into force in May 2020. The oil cartel
agreed to let Russia ease its cuts by 65,000 bpd in Gas supply
March, after adding the same amount of extra It has been a different story with Russian gas
supply in the previous month, even as Saudi Ara- production this year, with supply up 12.1% y/y
bia and others kept their own quotas unchanged. in March at 66.66bn cubic metres, according
Russia’s biggest oil producer Rosneft lifted to CDU TEK. First-quarter output was also up
15.8mn tonnes (3.74mn bpd) of crude in March, 6.6% at 197.71 bcm.
down 10.4% y/y. No.2 oil firm Lukoil cut flows While the energy ministry has not com-
by 10.2% to 6.26mn tonnes (1.48mn bpd), mented on the reasons for this growth, the start
while Surgutneftegaz slashed output by 11.7% of this year saw a spike in temperatures in both
to 4.55mn tonnes (1.08mn bpd) and Gazprom Asia and Europe, causing gas demand to soar.
Neft by 8.5% to 4.79mn tonnes (1.13mn bpd). Gazprom, which has a monopoly over Russian
Tatneft reduced its supply by 7.7% to 2.25mn gas pipeline supply to Europe, recorded a 10.5%
tonnes (532,000 bpd), while Novatek increased increase in output in the first quarter to 136.2
its crude extraction by 2.9% to 1.03mn tonnes bcm. In terms of gas demand, the company said
(244,000 bpd). March “was essentially a winter month.”
In the first three months of the year, Russian The company also recorded an increase in
oil supply was down 10.9% at 125mn tonnes exports to non-FSU countries in Europe of
(10.2mn bpd). The country’s exports were down 30.7% to 52.7 bcm in the three-month period.
17.6% y/y in March at 17.7mn tonnes (4.18mn The biggest growth was seen in sales to Tur-
bpd), and down 17.5% in the first quarter at key, up 106.6%; Germany, up 33.3%; Poland,
52.89mn tonnes (4.3mn bpd), meaning that they up 18.5%; Serbia, up 71.3%; Finland, up 67.3%;
bore the brunt of the production decline. In con- Romania, up 90.4%; Bulgaria, up 52.4%, and
trast, domestic oil supply fell only 3.8% in March Greece, up 23.4%. ™

Week 14 07•April•2021 www. NEWSBASE .com P7