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Russian oil production hits 11-month high in March

Russia’s oil production increased slightly in March for the first time since April last year. It reached an average of 10.97 million barrels per day (bpd), a little above its agreed limit of 10.947 million bpd as part of the OPEC-led production cuts.

Despite the rise, Russia’s energy minister, Alexander Novak, reaffirmed in a statement the country’s commitment to Continue reading Russian oil production hits 11-month high in March

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UK North Sea oil to decline in 2019

According to a report from Bernstein, oil production from the UK Continental Shelf (UKCS) is set to return to a decline in 2019 following a brief respite since 2015. While UK North Sea oil production is long past its peak of 2.6 million barrels per day (bpd) in 1999, the start-up of new fields and efficiency improvements in mature fields have helped stabilise and even grow oil production.

The UK North Sea is considered to Continue reading UK North Sea oil to decline in 2019

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Russia’s Lukoil says OPEC deal should be open ended

Vagit Alekperov, the CEO of Russian multinational oil company Lukoil, has stated that he believes the various parties to the OPEC-led production cuts should give up on speculating about when the deal might expire. He believes this will give producers more flexibility in reacting to market conditions.

Speaking at Lukoil’s investor day in London, he said: Continue reading Russia’s Lukoil says OPEC deal should be open ended

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Saudi Arabia expects output cuts to persist into 2019

Speaking in an interview in Washington, DC, the Saudi Energy Minister Khalid al-Falih said OPEC will need to continue cooperating with Russia and other non-OPEC oil producers on supply curbs into 2019 if global inventories are going to return to preferred levels.

The current deal between OPEC and its non-member partners, most notably Continue reading Saudi Arabia expects output cuts to persist into 2019

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Saudi Arabia hopes production curbs to relax in 2019

Khalid al-Falih, the oil minister for Saudi Arabia, has commented that he hopes to see OPEC production curbs relaxed in 2019 after the current deal expires, although he stressed the need for a more permanent framework in future to preserve stability in the oil markets. Continue reading Saudi Arabia hopes production curbs to relax in 2019