Russia’s oil production fell ahead of a crucial meeting with OPEC this week to decide supply strategy as prices slump.
Russia produced 11.369 million barrels a day of crude and condensate last month, a 0.42 per cent decline from October, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That was the first monthly decline in the nation’s oil output since the beginning of the year.
With Brent plunging more than 30 per cent since early October, Russia and Saudi Arabia agreed on Saturday to coordinate their actions in the oil market next year, extending the so-called OPEC+ agreement. While the decision opens the door for a deal at the meeting Russia and Opec are holding in Vienna this week, its details, including the size of any potential output cut, are still unclear.
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Read more:
Russia and Saudi Arabia to extend Opec+ accord, Putin says
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Russia pumping at lower levels is not necessarily a signal that its producers are returning to output cuts before the Vienna meeting has made any decision. Instead, seasonality and factors at individual fields may be responsible, analysts said.
“This does not look like an intentional cut at all,” said Maksim Nechaev, director for Russia at IHS Markit. “In current market conditions, the companies aim to pump as much as they can to support their revenue flow.”
Gazprom Neft, the oil arm of gas giant Gazprom, and Lukoil, Russia’s second-largest oil producer, drove the decline in output last month, according to CDU-TEK data. Gazprom Neft decreased its production by 4.71 per cent on the October level, while Lukoil’s drop reached 0.91 per cent.
Rosneft, Russia’s largest oil company, pumped slightly more than in October at its key projects, excluding joint ventures and the Bashneft unit. Rosneft’s East Siberian greenfields and the Soviet-era Samotlor were the main output-growth sources for the company. Russia offers tax breaks for these fields, which could give Rosneft an extra incentive to raise production there.
Russia aims to keep its oil output near average October levels until the year-end, Energy Minister Alexander Novak told Tass news agency last week. This may imply that a slight production growth is possible this month even amid a further Brent slump. Russian crude producers are resilient to the current price declines as the flexible ruble exchange rate and the tax system provide a natural hedge for their costs.
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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Japan 30-10 Russia
Tries: Matsushima (3), Labuschange | Golosnitsky
Conversions: Tamura, Matsuda | Kushnarev
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THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Haemoglobin disorders explained
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
