Russia increases oil and gas production and exports |
[ Time:2021-08-10 | Hits:404 ] |
| According to the data of the central dispatching Bureau of Russia's fuel power complex (CDU TEK), due to the reduction of production quota, Russia's oil production increased by 11.5% year-on-year to 44.24 million tons in July; Oil exports increased by 8.4% year-on-year to 18.69 million tons. At the production reduction alliance meeting in July, OPEC + reached an agreement on the later production policy, including an increase of 400000 barrels per day per month from August this year until the active production reduction of 5.8 million barrels per day was fully restored, and the production reduction agreement was extended to the end of 2022. Russian Deputy Prime Minister Novak said that thanks to the production increase agreement reached by OPEC +, Russia will increase oil production at the rate of 100000 barrels / day from August and return to the production level before the epidemic in May 2022. This year and next, Russia will increase its oil production by an additional 21 million tons. At the same time, Russia has significantly increased its natural gas production and exports. According to CDU Tek operation summary, from January to July this year, Russia's natural gas production increased significantly to 442.08 billion cubic meters, a year-on-year increase of 13.2%. Gazprom data show that from January to July this year, the company's natural gas production increased to 298.2 billion cubic meters, a year-on-year increase of 18.4%; The export volume has increased to 115.3 billion cubic meters, which is close to an all-time high. Since the beginning of this year, Gazprom has expanded its natural gas supply to Turkey, Germany, Greece, Italy and other countries, and the natural gas delivered to China through the "Siberian power" pipeline is also growing. The company plans to expand its natural gas production to 506.5 billion cubic meters in 2021, with a year-on-year increase of 12%. The annual export volume is expected to be 175-183 billion cubic meters. Driven by the relaxation of epidemic restrictions, the resumption of industrial activities and high temperature weather, combined with the continuous rise of carbon emission prices, the demand in the European natural gas market has recovered strongly this year and the market supply is tight. The Dutch TTF price has exceeded US $500 / thousand cubic meters. Although Russia has enough additional capacity to curb price increases, Russia is not in a hurry to increase exports to Europe, which is regarded as a strategy to promote the completion of Beixi No. 2 pipeline. Austrian oil and gas group, one of the main investors in the project, said that the Beixi line 2 pipeline is expected to be completed in August this year, and the first batch of natural gas may be delivered later this year. |