Russia’s oil output expected to drop
According to a forecast released by the Russian Ministry of Energy, Russia’s oil output may fall by 0.1% in 2017 to 547 m tonnes. The Russian Federation’s compliance with its obligations to cut production will offset the crude output growth potential accumulated by the beginning of 2017.
Production was up 1.8% year-on-year in January 2017, only to register at +0.8% for 7M17, while, for the full year, Russia’s output of crude and gas condensate might drop by 0.1%, the Ministry of Energy said. The country last saw its output fall (by 0.6%) in the crisis-ridden year of 2008.
Figure. Accrued oil output in 2016–2017, m tonnes
Source: CDU TEK data
As its output declines, Russia has been cutting oil exports, too. Exports to non-CIS countries fell by 7%, or approximately 51,000 bpd, in June and July from October of last year. If this trend continues, the decrease will reach 0.4% in 2017 after a 7% growth posted in 2016.
The voluntary reduction in output began in November last year as a result of a deal made by OPEC and other producers. They decided to cut production by 1.8 mn bpd from the October 2016 level. Russia’s quota is 300,000 bpd. The key objective of the agreement is to reduce global oil inventories to a five-year average.
Oil production cuts will feature on the agenda of the Russian Energy Week. Government officials, Russian and international business executives and industry experts will take part in the discussion.
An accreditation point for participants in the ‘Russian Energy Week’ International Forum has opened at the State Historical Museum located at 1, Red Ploschad (entrance behind the Georgy Zhukov monument) starting from 3 October. For the convenience of the Forum’s guests, the point is located within walking distance from the main venue of the event – the Manege Central Exhibition Hall (no accreditation is available in the actual Manege Hall) and will be open over the entire duration of Russian Energy Week. Participants can pick up their badges from 8:00 to 20:00 on 3 October, from 8:00 to 18:00 on 4–6 October, and from 8:00 to 16:00 on 7 October. In addition, the accreditation point at the Moscow World Trade Center located at 12, Krasnopresnenskaya Nab., Entrance 7, ground floor will continue to work from 9:00 to 20:00 on 3 October. Badges grant access to the main events of the REW 2017 business programme. Forum participants must wear the badges over the duration of the event and also carry a passport or other identity document. Badges are personalized and may not be transferred to third parties.
MOSCOW, 23 November - The 4th Gas Exporting Countries Forum (GECF) Summit opened on Tuesday in Santa Cruz, Bolivia and will continue through 24 November. Energy ministers from 12 countries are meeting to discuss energy markets, the role of natural gas in the development of the global energy industry and continued cooperation on energy.
Deputy Minister of Energy of the Russian Federation Anton Inyutsyn gave a presentation on the Heating Supply Efficiency Ranking during a panel session at the ‘Russian Energy Week’ Energy Efficiency and Energy Development International Forum.