Page 123 - RusRPTApr21

Actual crude production (excluding condensate) in Russia stood at 9.33mmbbl/d in January. The production data for gas condensate in February is not yet available. However, assuming that condensate production stayed in line with January (108.4kt/d), then Russian oil companies might have produced some 1268.6kt/d of oil, or 9.26mmbbl/d under the 7.3x conversion coefficient. We believe this is in line with Russia’s quota for February (see our Morning Comment of 2 March). We think the reduction in Russia’s crude production in February is a technical issue. So, the country would be able to grow its oil output quickly if the quotas are eased, as per the OPEC+ agreement.
Rosneft noticeably cut its liquids production at Orenburgneft (south of Russia), Nyaganneftegas (Western Siberia) and Udmurtneft, while Bashneft’s production decline came from its Bashkortostan fields. Gazprom Neft increased its output at Noyabrsknftegas (Western Siberia), while Lukoil recorded increases in Komi and Western Siberia.
123 RUSSIA Country Report April 2021 www.intellinews.com