Russia’s oil exports grow 3.5% y/y in Aug

Russia’s oil exports continued to grow in August 2018 as they went up by 3.5% on the year and by 2% on the month, CEEMarketWatch reported referring to preliminary figures released by the country’s energy ministry. On the other hand, oil production remained basically unchanged over last month, keeping its level of 47.4 million tonnes.

Over June and July combined, oil production in the country jumped by 2.2%, or around 240,000 bpd which is in line with the latest increase agreed with OPEC. According to Russia’s energy minister Alexander Novak, Moscow will provide about 200,000-250,000 bpd of the total one million increase agreed by OPEC and non-OPEC members in Vienna at the end of June.

Russia’s current oil production is just 0.2% below the peak output in October 2016, registered just before the OPEC agreement to reduce output, CEEMarketWatch added.

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