The 1433rd AK&M Bulletin on oil and gas production and refining has been published

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AK&M 02 August 2021 12:26 The 1433rd issue of the bulletin " Branches of the Russian economy: production, finance,securities. Oil and gas production and oil refining" AK&M News Agency.

In July, the oil market experienced a multidirectional price movement. After oil reached a local maximum above the level of $78, the news background came into play. First, investors remain concerned about the pace of global economic recovery against the background of the third wave of coronavirus infection. Secondly, at the beginning of July, there were difficulties in reaching a consensus between the countries participating in the OPEC+ agreement on further actions of the alliance. This interrupted the positive dynamics in oil. Finally, after OPEC + overcame internal differences and agreed to increase production, the decline in oil prices accelerated, caused by concerns about a surplus of raw materials on the market.

In the first half of 2021, oil and gas condensate production in Russia amounted to 254.93 million tons, a decrease of 3.7% compared to the same period in 2020. In June 2021, Russia produced 42.64 million tons of oil with gas condensate, which is 11.7% higher than in June 2020. The average daily production of oil and condensate in Russia in June was recorded at the level of 10.42 million barrels. In the corporate context, according to the results of the second quarter, Tatneft and Rosneft increased production relative to the first quarter by 6.6% and 4.3%, respectively, ahead of their competitors.

In the first half of 2021, gas production in Russia amounted to 384.09 billion cubic meters. meters, an increase of 12.6% compared to the same period in 2020. In June of this year, 58.43 billion cubic meters of gas were produced in Russia (+21.7% yoy). At the end of June, NOVATEK retained its leadership in gas production among independent producers in Russia. According to preliminary data, Gazprom increased gas production by 18% (by 39.8 billion cubic meters) in the first six months of 2021 compared to the same period last year, to 260.8 billion cubic meters of gas.

Russia's revenues from oil exports in January-May 2021 increased by 7.1% year-on-year and amounted to $36.258 billion. This is evidenced by the data of the Federal Customs Service. At the same time, the physical volume of oil exports for the five months of this year decreased by 16.9% - to 87.731 million tons. In May, oil exports from the Russian Federation increased by 18.9% compared to April, and revenues increased by 22.6%. According to preliminary data of the Central Department of Fuel and Energy, oil exports in January-June 2021 decreased by 6.0% compared to the same period last year — to 122.9 million tons.

Russia's revenues from natural pipeline gas exports in January-May 2021 increased by 57.7% year-on-year to $16.243 billion. The volume of gas exports for the five months of this year increased by 15.3% YoY-to 91.4 billion rubles. cubic meters. At the same time, natural gas exports in May decreased by 11.6% compared to April, and revenues from it decreased by 5.0%. In January-May 2021, Russia reduced the export of liquefied natural gas (LNG) by 16.0% compared to the same period in 2020 — to 23.2 billion rubles. cubic meters. Russia's revenues from LNG exports for the specified period decreased by 43.0% in annual terms, to $1.917 billion. According to preliminary data, in the first six months of 2021, gas exports to non-CIS countries increased by 25.7% to 99.9 billion cubic meters. 

Read more about the results of the oil and gas production and refining market in issue No. 1433 of the monthly bulletin " Branches of the Russian economy: production, finance, securities. Oil and gas production and oil refining" AK&M News Agency.