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UPDATE 1-Russia sticks to global oil deal, holds July output flat m/m
August 2, 2017 / 9:58 AM / 4 months ago

UPDATE 1-Russia sticks to global oil deal, holds July output flat m/m

 (Adds more data, details, background)
    By Denis Pinchuk
    MOSCOW, Aug 2 (Reuters) - Russia's oil output stood at 10.95
million barrels per day (bpd) in July, unchanged for a third
month and in line with its pledge to curb production in an
effort to support the price of crude, Energy Ministry data
showed on Wednesday.
    The Organization of the Petroleum Exporting Countries and
other producers led by Russia are cutting oil output until the
end of March 2018. A committee of OPEC and non-OPEC nations
recommended extending the curbs further if needed.             .
    On Tuesday, Russian Energy Minister Alexander Novak said the
country had cut its oil output by 307,600 bpd in July compared
to October 2016, making good on Moscow's obligations under the
supply pact.
    Oil output last month reached 46.309 million tonnes, versus
44.801 million tonnes in June, according to the monthly data
released by the ministry on Wednesday. Daily output was the
same, however, because July is a day longer than June.
    Russian oil pipeline exports in July stood at 4.099 million
bpd, down from 4.131 million bpd in June.
    The bulk of Russian oil majors cut or froze their output
last month, except Gazprom Neft          , which boosted
production by 6.7 percent; Novatek          , which raised
production by 2.1 percent; and the country's largest producer,
Rosneft          , which increased production by 0.1 percent.
    Natural gas production in Russia was at 50.8 billion cubic
metres (bcm) last month, or 1.64 bcm a day, versus 51.28 bcm in
June.

 (Writing by Denis Pinchuk; Editing by Dale Hudson and Dmitry
Solovyov)
  

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