July 2, 2018 / 8:33 AM / 5 months ago

UPDATE 1-Russian oil output up by 100,000 bpd in June as production curbs eased

    * Russian oil output above 11 mln bpd, first time since
April 2017
    * OPEC and non-OPEC agreed to return to 100 pct output
compliance 

 (Writes through, adds details)
    By Vladimir Soldatkin
    MOSCOW, July 2 (Reuters) - Russian average monthly oil
output exceeded 11 million barrels per day (bpd) in June for the
first time since April 2017 as leading global oil producers
started to ease output curbs, Energy Ministry data showed on
Monday.
    Production rose to 11.06 million bpd in June from 10.97
million bpd in May, up around 100,000 bpd. In tonnes, Russian
oil output was 45.276 million versus 46.377 million in May.
    The Organization of the Petroleum Exporting Countries and
some other leading global oil producers led by Russia agreed
last month to return to 100 percent compliance with previously
agreed oil output cuts, after months of underproduction by some
OPEC countries.             
    Russia has pledged to restore output by 200,000 bpd in the
second half of the year.   
    The country's largest oil producer Rosneft           led the
output increase, ratcheting up extraction by 1.6 percent last
month to 3.89 million bpd, the data showed. The energy
ministry's data does not include some of Rosneft's joint
ventures. 
    Top oil exporter Saudi Arabia also boosted supply to 10.70
million barrels per day in June, close to a record
high.            
   The deal, which has been in place since early 2017, was aimed
at smoothing out bloated  global oil stockpiles and supporting
oil price. 
   Initially, Russia said it would cut its production by 300,000
bpd from a record-high level of 11.247 million bpd reached in
October 2016, the baseline for the current global deal which
expires by the end of the year.  
   For the first half of the year, Russian oil output declined
by 0.4 percent to 271.1 million tonnes year-on-year.     
    In an interview that aired on Sunday, U.S. President Donald
Trump lashed out at OPEC with a warning to stop manipulating oil
markets and piled pressure on close U.S. allies.             
    Russia's natural gas production was at 53.57 billion cubic
metres (bcm) last month, or 1.79 bcm a day, versus 58.12 bcm in
May.

 (Reporting by Vladimir Soldatkin; Editing by Kirsten Donovan)
  
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