Washington switched to Russian oil products due to its attractive pricing as it needed to replace sanctioned imports from Venezuela, analysts noted.

Russia has said it would increase its oil production by 400,000 bpd.

Russian oil exports outside the former Soviet Union stood last month at 15.72 million tons, down 27.1% from July 2019. In the first six months of this year, Russia exported over 74.6 million tons of oil products. Russia slightly increased its oil production in July, ahead of OPEC+ plans to start easing record supply cuts starting this month. ; Russia consumes 1.05 gallons of oil per capita every day (based on the 2016 population of 145,275,383 people), or 383 gallons per capita per year (9 barrels).

Venezuela’s oil exports crash to 77-year low amid crushing US sanctions

This means that actual US imports of Russian oil could be even higher, as Russian customs data does not include shipments via third countries.
The company operates in Tatarstan in central Russia which became the country's main oil province in the 1970s with output of 2 million bpd, helping the Soviet Union fund its arms race with the United States. April's oil production cutback, a move led by Saudi Arabia, reduced OPEC's production by a total of about 9.7 million barrels per day (b/d). Russian energy ministry does not disclose gas condensate production separately. The report, which cited Energy Ministry data, showed April's figure was the highest monthly average output since January 2019, when it was 11.38 million bpd. It also said Russian oil exports increased 2.2% year on year to 83.79 million tonnes in the January-April period. All rights reserved. /TASS/.

We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. The United States, Norway, Canada and Brazil may add cuts that would bring the total reduction to 20 million bpd, or 20% of global supply, although the coronavirus crisis has driven down demand by as much as 30%, driving down prices. ... to cut around 10 million barrels daily from production.

Russia's mid-sized oil producer Tatneft said on Saturday it produced 1.994 million tonnes of oil in April, down from 2.442 million tonnes in March. The reduction amounted to around 90,000 bpd, or 16% from March. It was earlier reported that lower freight rates have also supported demand for Russian fuel oil.

Russian … Russia is expected to cut its oil production by 2.5 million bpd from a baseline of 11 million bpd in May and June.

The multiweek oil-price war between Russia and its OPEC allies has finally been resolved. According to US Energy Information Administration (EIA) data, American imports of Russian oil in the first five months of 2020 reached nearly 68 million barrels, or 9.3 million tons, exceeding Russian customs figures for the first half of the year.

MOSCOW, August 2.

In June alone, the shipments rose by 16 percent compared to previous month, to 1.078 million tons.Crude prices crashed to historic lows earlier this year as the coronavirus outbreak crippled demand for the commodity, while the Organization of the Petroleum Exporting Countries (OPEC) and their allies were wrangling over new oil output cuts. It did not say why it reduced output last month. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.A Surgutneftegas worker near pumpjacks in Surgut Region of the Khanty-Mansi Autonomous Area - Yugra, in the West Siberian petroleum basin. This number exempts production of gas condensate, or light oil.
Russia is expected to cut its oil production by 2.5 million bpd from a baseline of 11 million bpd in May and June. Saudi Arabia and Russia have agreed to cut oil production by 10 million barrels per day following a meeting of the OPEC Plus oil-producing countries yesterday. Russia consumes 3,631,287 barrels per day (B/d) of oil as of the year 2016.; Russia ranks 5th in the world for oil consumption, accounting for about 3.7% of the world's total consumption of 97,103,871 barrels per day.


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