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UPDATE 1-Russian oil output rises in Oct after maintenance at Pacific fields
November 2, 2017 / 6:34 AM / 21 days ago

UPDATE 1-Russian oil output rises in Oct after maintenance at Pacific fields

    * Russian oil output up to 10.93 mln bpd in Oct
    * Production still complies with global deal
    * Output rose as maintenance was completed in Sakhalin-1
project

 (Adds detail)
    By Vladimir Soldatkin
    MOSCOW, Nov 2 (Reuters) - 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 a
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.

 (Reporting by Vladimir Soldatkin; Editing by Richard Pullin)
  

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