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Novak says Russia can increase oil production in July

(Reuters) - Russia plans to increase oil production next month as export flows are being redirected to avoid Western sanctions, energy officials said on Thursday, predicting...
Novak says Russia can increase oil production in July © Reuters. Yang Mei Hu oil products tanker owned by COSCO Shipping gets moored at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel

(Reuters) - Russia plans to increase oil production next month as export flows are being redirected to avoid Western sanctions, energy officials said on Thursday, predicting domestic oil output would be either flat or decline slightly this year.

"In fact, we are close to the February levels when we had it (oil production) at 10.2 million barrels per day (bpd), we plan to increase it further in July depending on companies' plans," Deputy Prime Minister Alexander Novak told reporters.

Production from the world's third biggest producer after the United States and Saudi Arabia dropped by about 10% to 10.05 million bpd in April from February, after some buyers postponed or refused Russian barrels due to sanctions.

Production is being restored as companies redirect flows, Novak said on Thursday.

Western sanctions against Russia over the conflict in Ukraine prompted many oil importers to shun trade with Moscow, pushing spot prices for Russian crude to record discounts against other grades.

That provided refiners in India and China an opportunity to snap up low-priced crude.

Russian oil production is expected to remain either flat or to decline by 3-5% this year, Nikolay Shulginov, Russia's energy minister, told Izvestia newspaper in a separate interview on Thursday.

He said the European Union's goal to replace Russian fossil fuels by 2027 was a political statement, as it was not immediately possible for the bloc to replace Russian gas and oil, given they account for around 40% and 30% of the bloc's needs respectively.

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01-05-2024 10:45:17 (UTC+7)

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1.0658

-0.0008 (-0.07%)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

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0.6469

-0.0003 (-0.05%)

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Neutral

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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Cập nhật 01-05-2024 10:45:19
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Cập nhật lúc 10:45:15 01/05/2024
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