Crude Oil Output Up 2% on April

According to preliminary data released by the central dispatching unit of the Russian energy ministry, Russia produced 42.81 million mt of Crude Oil and condensate in April which is equivalent to around 10.46 million barrels per day. The Daily average production was up 2% from 10.26 million barrels per day in March. Total output in March was 43.4 million mt.

Increases in month-on-month output volumes in early 2021 reflect gradual increases in Russia’s Crude production quota agreed under the OPEC + deal from the beginning of the year. Production was down 8% from April 2020 volumes of 46.41 million mt or 11.34 mil b/d.

Lower output volumes in early 2021 compared with early 2020 reflect more significant Crude Oil production cuts under the OPEC + agreement from May 2020 introduced in response to the impact of the coronavirus pandemic. From the beginning of 2021, Russia has secured gradual increases to its output quota from the 8.99 million barrels per day in place from August-December 2020. Its April quota was 9.379 mil barrels per day. This will rise to 9.418 million barrels per day for May.

The OPEC + agreement covers Crude Oil production. Russia has not released a breakdown for and condensate production in April, but condensate usually accounts for around 8% of overall output. Exports of Russian Crude in April totaled 17.32 million mt, or 4.23 million barrels per day. This was up 8.5% on March volumes of 3.9 million barrels per day. Exports dropped by 17% on April 2020 volumes of 5.08 million barrels per day. Domestic deliveries were 23.36 million mt or 5.71 million barrels per day in April. This was down 1% on deliveries of around 5.76 million barrels per day in March. Shipments increased 5% on April 2020 levels of 5.46 million barrels per day.