October 2, 2018 / 8:12 AM / 2 months ago

UPDATE 1-Russian oil output hits post-Soviet high in September

    * Russian oil output reached 11.36 mln bpd in September
    * Oil prices surge to 4-year high amid Iran sanctions

 (Adds detail)
    By Vladimir Soldatkin
    MOSCOW, Oct 2 (Reuters) - Russian oil output reached 11.36
million barrels per day (bpd) in September, a post-Soviet high
helped by higher production from Rosneft           and
foreign-led projects, Energy Ministry data showed on Tuesday.
    It rose from 11.21 million bpd in August and topped the
record high 11.247 million bpd hit in October 2016 which served
as Russia's baseline for a deal curbing output alongside other
producers which began in January 2017 aimed at stabilising the
oil markets.
    In tonnes, oil output slipped to 46.478 million from 47.41
million in August as September is a shorter month.
    Russian oil output surged as the Organization of the
Petroleum Exporting Countries and other large global oil
producers led by Russia agreed in June to ease production curbs
and stick to the initial levels of output, in line with a 2016
Vienna agreement.
    OPEC producers delivered only a limited increase in oil
production last month, a Reuters survey has found, as a cut in
Iranian shipments due to U.S. sanctions offset higher output in
Libya, Saudi Arabia and Angola.                
    Output increases have been facilitated by stronger oil
prices as markets prepare for tighter supply once U.S. sanctions
against Iran kick in next month. 
    Brent crude oil futures         have risen by around 20
percent from lows in August to over $85 per barrel, a four-year
high.
    Russian Energy Minister Alexander Novak has said a price of
$70-&80 per barrel is good for both producers and consumers.
            
    According to the Russian Energy Ministry, oil production at
Rosneft, the world's largest listed oil company by output,
jumped by 1.5 percent from August to almost 4 million bpd.
    Russia's overall oil production was also supported by an
increase at the Production Sharing Agreement (PSA) projects by
more than 20 percent to 1.6 million tonnes (390,000 bpd).
    The ministry did not provide a breakdown of data for each
PSA project. 
    Oil output at the Sakhalin-1 project, led by U.S. major
ExxonMibiil         rose to about 250,000 barrels per day from
200,000, according to ONGC Videsh          , which owns a 20
percent stake in the consortium.                
    Russian oil pipeline exports in September stood at 4.278
million bpd, down from 4.343 million bpd in August.
    Russian natural gas production of 57.54 billion cubic metres
(bcm) last month, or 1.92 bcm a day, was up from 54.62 bcm in
August.

 (Reporting by Vladimir Soldatkin; editing by Jason Neely)
  
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