November 2, 2018 / 7:29 AM / 14 days ago

UPDATE 1-Russia pumps oil at 30-year high in October - energy ministry data

    * Russian oil output up to 11.41 mln bpd in Oct
    * Rosneft, Lukoil cranked up their output

 (Adds detail)
    By Vladimir Soldatkin
    MOSCOW, Nov 2 (Reuters) - Russian oil output reached another
30-year high of 11.41 million barrels per day in October thanks
to the largest oil companies, such as Rosneft           and
Lukoil          , cranking up their production, Energy Ministry
data showed on Friday.
    This was up from 11.36 million bpd in September, a previous
post-Soviet record high, and confirms data, cited by an industry
source on Wednesday.             
   In tonnes, oil output reached 48.262 million versus 46.478
million tonnes in September. Reuters uses a tonne/barrel
conversion ratio of 7.33.
    According to a Reuters survey, OPEC has also boosted oil
production in October to the highest since 2016, as higher
output led by the United Arab Emirates and Libya more than
offset a cut in Iranian shipments due to upcoming U.S.
sanctions.             
    Saudi Arabia, the Organization of the Petroleum Exporting
Countries' (OPEC) top producer, has indicated it is concerned
about potential oversupply, raising the prospect that its next
production adjustment could be to rein in output.             
    Output increases have been facilitated by stronger oil
prices as markets prepare for tighter supply once U.S. sanctions
against Iran kick in later in November.
    In accordance with a global oil deal struck with OPEC and
other leading oil producers in December 2016, Moscow pledged to
cut its output by 300,000 bpd from 11.247 mln bpd reached in
October that year.
    Now Russia pumps around 460,000 bpd more than the 10.947
million barrels per day it had initially agreed to cut its
production. In June, the participants of the deal agreed to get
back to their 100 percent compliance level.
    The energy ministry data showed that Rosneft, the world's
top listed oil producer by output, increased its production by
0.5 percent last month from September to 4 million bpd.
    Rosneft plans a gradual increase to oil production at
so-called greenfield sites such as Yurubcheno-Tokhomskoye,
Taas-Yuriakh and Suzun, brokerage Aton said in a note after
meeting Rosneft executives last month.             
    The second-largest Russian oil producer Lukoil raised its
output by 0.3 percent to 1.68 million bpd.
    Russian oil pipeline exports in October stood at 4.526
million bpd, up from 4.278 million bpd in September.
    Natural gas production was at 63.64 billion cubic metres
(bcm) last month, or 2.05 bcm a day, versus 57.54 bcm in
September.
    

 (Reporting by Vladimir Soldatkin; Editing by Emelia
Sithole-Matarise)
  
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