Russian Oil Production Hits 11-Month Low in May

Russian Oil Production Hits 11-Month Low in May

Russia’s oil production fell in May to 11.11 million barrels per day (mb/d), down from 11.23 mb/d produced in April, its lowest level since June 2018, according to official data, Reuters reported.

The main reason for the production decline was the closure of Russia’s Druzhba pipeline due to oil contamination. The pipeline is used to ship around 1% of the international oil demand. Yet, the pipeline is expected to be cleaned within six to eight months.

Therefore, Russia’s oil output in May declined by more than the amount agreed in its deal with the Organization of the Petroleum Exporting Countries (OPEC).

OPEC and its allies led by Russia agreed to curb production by around 1.2 million b/d, of which, Russia agreed to cut its production by 228,000 b/d.


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