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Russia reduced its average daily oil production in mid-April by 1.6% compared the level of October, in the framework of the agreement with OPEC on yield reduction. The country reduces its average day yields from 1.527 million tons to 1.502 million tons.

At the end of March the reduction level was 1.2%, while at the end of February was 0.8%. In total, under the terms of the deal, Russia should reduce production by 2.7% to the level of October or by 300,000 barrels.

Meanwhile, to convert Russian statistics from tons to barrels, using a single factor 7.33 is incorrect, noted in the Ministry of Energy. For a correct display of production in barrels, it is necessary to use a separate factor for each field, the ministry explained.

Almost all Russian companies participating in the agreement have cut production evenly since October. Only Rosneft increased its yields by 2.7% against October – from 0.562 to 0.577 million tonnes. At the same time, Bashneft, in which 57.66% Of the authorized capital belongs to Rosneft, production fell by 50% compared to October – from 0.057 to 0.029 million tons.

A representative of Rosneft told that the company fully fulfills its obligations to reduce oil production.

“Rosneft, as part of the agreements to reduce oil production, fully fulfills its obligations. The company’s share in the decline in Russia’s average daily production since early January is 47% of the total decline in the Russian Federation, as Rosneft is accounting for 40% of the Russian oil and condensate production market”, said representative of Rosneft.

Lukoil reduced production by 1.6% compared to the yields in October – from 0.230 to 0.227 million tons. Gazprom Neft reduced it by 2.7% from 0.168 to 0.164 million tons, Surgutneftegaz contributed with reduction by 1.9% from 0.169 to 0.166 million tons, Tatneft decreased yields by 2.8% from 0.081 to 0.079 million tons and RussNeft dropped yields by 2.5% from 0.020 to 0.019 million tons. Russia should achieve a full quota to reduce production by the end of April, according to the Minister of Energy Alexander Novak. He also informed that by the middle of the month Russia will reach the level of 250,000 barrels.

