July 2019, Vol. 246, No. 7
Global News
Russia’s Oil Output Hit 11-Month Low on Dirty Oil Crisis
Energy Ministry data showed Russian oil output fell to 11.11 MMbpd in May, its lowest level since June 2018, from 11.23 MMbpd in April – mainly from the closure due to oil contamination of the Druzhba pipeline, which usually ships 1 MMbpd, or 1 percent of global oil demand.
As a result, Russian oil production during May fell by more than stipulated in a global deal with the Organization of the Petroleum Exporting Countries (OPEC).
The Energy Ministry data showed Russian oil pipeline exports in May fell to 4.209 million bpd, from 4.494 million bpd in April, as supplies via the Druzhba pipeline almost dried up, while seaborne exports jumped by 11.5%.
Russia expects to clean up the pipeline, which was built in the 1960s and carries Russian oil to Europe, including Germany, Hungary, Poland and Slovakia, within six to eight months. P&GJ
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