July 2, 2017 / 9:11 AM / 2 years ago

UPDATE 1-Russian oil output unchanged in June, in line with compliance

    * Russian oil output in June stands at 10.95 mln bpd
    * All Russian oil producers except Rosneft cut or froze
    * Russian oil output in H1 rose by 1.4 pct year/year

 (Adds detail)
    By Vladimir Soldatkin
    MOSCOW, July 2 (Reuters) - Russian oil output stood at 10.95
million barrels per day (bpd) in June, unchanged from the
previous month, Energy Ministry data showed on Sunday, pointing
to the country's full compliance with a global pact to curb
crude production.
    The Organization of the Petroleum Exporting Countries and
other producers led by Russia initially agreed late last year to
reduce their total oil output by almost 1.8 million bpd in the
first half of 2017 to boost the price of crude, a key source of
    The deal was extended until the end of March 2018 as global
oil stockpiles are still brimming.
    Russia pledged to cut 300,000 bpd. This compares to output
of more than 11.2 million bpd in October last year, taken as the
baseline for the global deal.
    In tonnes, oil output reached 44.801 million, versus 46.298
million in May.
    Russian oil pipeline exports in June stood at 4.131 million
bpd, down from 4.518 million bpd in May. 
    Almost all Russian oil majors cut or froze their output last
month, except for the country's largest producer, Rosneft
         , which increased production by 0.2 percent. 
    Production at Gazprom Neft           declined by 0.9
percent, and output at Slavneft fell by 2.2 percent.
    For the first six months of the year, Russian oil output
rose 1.4 percent, year-on-year, to an average of 11.02 million
    In OPEC, oil output rose in June by 280,000 bpd to a 2017
high, a Reuters survey found, as a further recovery in supply
from the two member countries exempt from the production-cutting
deal offset strong compliance by their peers.             
    High compliance by Gulf producers Saudi Arabia and Kuwait
helped keep OPEC's adherence with its supply curbs at a
historically high 92 percent in June, compared with 95 percent
in May, the survey found. 
    The recovery adds to the challenge the OPEC-led effort to
support the market is facing from a persistent inventory glut.
If the recovery lasts, calls could grow within OPEC for the
exempt countries to be brought into the production deal.  
    Natural gas production in Russia was at 51.28 billion cubic
metres (bcm) last month, or 1.71 bcm a day, versus 54.63 bcm in

 (Reporting by Vladimir Soldatkin; Editing by Dale Hudson)
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