Russian oil output edged up to 10.93 million barrels per day (bpd) in October from a yearly low of 10.91 million bpd in September and August, energy ministry data showed on Thursday, following the completion of maintenance at Pacific fields. In tonnes, oil output reached 46.23 million versus 44.639 million in September, but Russia remains in compliance with a global deal aimed at cutting oil production in order to reduce excessive inventories and support oil prices.
The latest figures show Russia cut its oil output by around 317,000 barrels per day from 11.247 million bpd reached in October 2016, the baseline for the global agreement to reduce oil production. It had agreed to curb its oil output by 300,000 bpd from that level as part of the global deal with the Organization of the Petroleum Exporting Countries to cut combined output by almost 1.8 million barrels per day until March 31.
Sources have told Reuters that Opec is likely to stay the course by keeping its current curb on oil production in place for the whole of 2018 despite potential output disruptions next year. Russian oil pipeline exports in October rose to 4.627 million bpd from 4.302 million bpd in September. Output at oil projects run by foreign majors under production sharing agreements (PSA) jumped by 47 percent in October from September to almost 300,000 bpd.
This came after the ExxonMobil-led Sakhalin-1 project in the Pacific outskirts of Russia completed maintenance last month. Output at Russia's largest oil producer Rosneft was unchanged in October, while output at the country's No.2 oil company Lukoil slipped by 0.4 percent. Gas production was at 62.67 billion cubic metres (bcm) last month, or 2.02 bcm a day, versus 53.69 bcm in September.