Russia keeping oil output below 11 mln bpd in May
MOSCOW. May 16 (Interfax) - Russia steadily kept oil production below 1.5 million tonnes or 11 million barrels per day (with conversion ratio of 7.33) in the first two weeks of May, in compliance with its agreement with OPEC, a source familiar with these statistics told Interfax.
Average daily production in the first two weeks of May was about 1.494 million tonnes or 10.95 million bpd. Daily oil production did not exceed the threshold of 1.5 million tonnes on any one of these 14 days. This is the first time that such a threshold has been adhered to since the start of the year.
On May 15, oil production fell to 1.487 million tonnes or 10.899 million barrels.
Statistics show that average daily oil production in October 2016, taken as the point of departure for reduction of output under the agreement between OPEC and non-OPEC countries, was 11.204 million bdp at a conversion ratio of 7.33; according to revised data from the Energy Ministry, production amounted to 11.247 million bpd.
Therefore, Russia has fulfilled the agreement with OPEC, reducing oil production by 250,000-293,000 tonnes per day in May.
Official statistics count oil production in Russia in tonnes. The average conversion ratio from tonnes to barrels is 7.33. But the Russian Energy Ministry has always said that this ratio cannot be used, since every oil field in the country has its own tonnes-to-barrels conversion ratio depending on the characteristics of the field.
All major Russian companies provided cuts in oil production, including Rosneft , Lukoil and Surgutneftegas . The only exceptions were projects operating under a production sharing agreement (PDA).
| Company | Average daily production in April | Average daily production in May | Average daily production in October | Approximate change from April to May, % |
| Rosneft | 513,048 | 512,1 | 528,742 | -0.2 |
| Lukoil | 224,431 | 222,6 | 228,613 | -0.8 |
| Surgutneftegas | 165,689 | 164,5 | 169,000 | -0.82 |
| Gazprom Neft | 109,056 | 108,9 | 111,258 | -0.15 |
| Tatneft | 78,740 | 78,7 | 81,129 | -0.1 |
| Slavneft | 40,384 | 40,1 | 40,548 | -0.5 |
| Bashneft | 59,335 | 58,7 | 58,710 | -1.1 |
| Russneft | 19,088 | 19 | 19,613 | -0.5 |
| IPC | 5,797 | 5,8 | 6,097 | 0.5 |
| Novatek | 21,118 | 20,8 | 21,548 | -1.5 |
| PDAs | 49,826 | 49,9 | 0.2 |
