AK&M's 1438th Bulletin on oil and gas production and refining has been published

237
3
AK&M 06 September 2021 13:00

The 1438th issue of the bulletin " Branches of the Russian economy: production, finance,securities. Oil and gas production and oil refining" of the AK&M News Agency.

In August, the oil market experienced a multidirectional price movement. After oil reached a local maximum above the level of $77, prices steadily slid down to $65 for three weeks. Investors were concerned about the deterioration of the situation with the coronavirus in the world, in particular, the spread of the delta strain. However, with the beginning of the third decade of August, amid the receipt of good news, the markets were overwhelmed by a wave of optimism and during the week oil added 11.5% in price, consolidating above the level of $72.

For the first eight months of 2021, oil and gas condensate production in Russia amounted to 343.4 million tons, a decrease of 0.8% compared to the same period in 2020. In August 2021, Russia produced 44.09 million tons of oil with gas condensate, which is 5.6% higher than in August 2020. The average daily production of oil and condensate in Russia in August was recorded at the level of 10.43 million barrels. According to forecasts voiced by the Deputy Minister of Energy of Russia Pavel Sorokin, by the end of 2021, the volume of oil production is expected to reach approximately 512 million tons, which is 6 million tons higher than previously expected due to the accelerated return of oil production.

For the first eight months of 2021, gas production in Russia amounted to 498.75 billion cubic meters, an increase of 12.6% compared to the same period in 2020. In August of this year, Russia produced 57.73 billion cubic meters of gas (+7.6% YoY). At the end of August, NOVATEK retained its leadership in gas production among independent producers in Russia. According to preliminary data, Gazprom increased gas production by 17.9% (by 51.2 billion cubic meters) in the first eight months of 2021 compared to the same period last year, to 337.2 billion cubic meters of gas.

Russia's revenues from oil exports in January-June 2021 increased by 21.5% year-on-year and amounted to $47.663 billion. This is evidenced by the data of the Federal Customs Service. At the same time, the physical volume of oil exports for the six months of this year decreased by 11.8% - to 111.936 million tons. In June, oil exports from Russia increased by 15.5% compared to May, and revenues increased by 22.9%. According to preliminary data of the Central Department of Fuel and Energy, the export of Russian oil to non-CIS countries in January-August 2021 amounted to 139.65 million tons, which is 7.6% lower than the same indicator in 2020.

Russia's revenues from natural pipeline gas exports in January-June 2021 increased by 72.9% year-on-year to $20.010 billion. The volume of gas exports for the six months of this year increased by 15.3% YoY-to 108.4 billion rubles. cubic meters. At the same time, natural gas exports in June decreased by 1.3% compared to May, and revenues from it increased by 11.6%. In January-June 2021, Russia increased the export of liquefied natural gas (LNG) by 7.3% compared to the same period in 2020 — up to 35.3 billion rubles. cubic meters. Russia's revenues from LNG exports for the specified period decreased by 15.9% in annual terms, to $3.301 billion. Gazprom's exports to non-CIS countries, according to preliminary data, increased by 19.4% in annual terms in January-August, to 131.3 billion rubles. cubic meters of gas.

Read more about the results of the oil and gas production and refining market in issue No. 1438 of the monthly bulletin " Branches of the Russian economy: production, finance, securities. Oil and gas production and oil refining" of the AK&M News Agency.