The 1448th AK&M Bulletin on Oil and Gas Production and Refining has been published

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AK&M 12 November 2021 12:55

The 1448th 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.

At the beginning of November, a new growing trend is being observed in the oil market. In the last decade of October and early November, a downtrend formed in the market and volatility increased. Prices retreated to the level of $80 per barrel of Brent crude. However, restrictions on global oil production and expectations of increased demand this winter continue to contribute to increased price pressure. In addition, several countries, such as Thailand, Israel, Australia and the United States, eased restrictions on international travel in early November, which may support the growth in demand for fuel for air travel in some regions this winter.

In the ten months of 2021, oil and gas condensate production in Russia amounted to 433.24 million tons, an increase of 0.9% compared to the same period in 2020. In October 2021, 45.86 million tons of oil with gas condensate were produced in Russia, which is 8.5% higher than in October 2020. The average daily production in the country was recorded in October at the level of 10.45 million barrels.

Over the ten months of 2021, gas production in Russia amounted to 625.67 billion cubic meters, an increase of 11.1% compared to the same period in 2020. In October, Russia produced 65.81 billion cubic meters of gas (+4.6% YoY). By the end of October, NOVATEK retained its leadership in gas production among independent producers in Russia. According to preliminary data, Gazprom increased gas production by 15.8% (by 57.7 billion cubic meters) in ten months of 2021 compared to the same period last year, to 422.6 billion cubic meters of gas.

Russia's revenues from oil exports in January-August 2021 increased by 36.5% year-on-year and amounted to $67.362 billion. This is evidenced by the data of the Federal Customs Service. At the same time, the physical volume of oil exports for the eight months of this year decreased by 6.8% to 150.61 million tons. In August, oil exports from Russia increased by 2.2% compared to July, and revenues increased by 3.7%. According to preliminary data from the Central Department of Fuel and Energy, Russian oil exports to non-CIS countries in January-October 2021 amounted to 186.1 million tons, which is 4.8% lower than the same indicator in 2020.

Russia's revenues from natural pipeline gas exports in January-August 2021 increased by 95.1% year-on-year to $28.406 billion.The volume of gas exports for the eight months of this year increased by 11.7% YoY to 140.6 billion. cubic meters. At the same time, natural gas exports in August increased by 18% compared to July, and revenues from it increased by 36.3%. In January-August 2021, Russia increased exports of liquefied natural gas (LNG) by 1.4% compared to the same period in 2020 - up to 49.1 billion. cubic meters. Russia's revenues from LNG exports for the period decreased by 12.5% year-on-year, to $4.791 billion. Gazprom's exports to non-CIS countries, according to preliminary data, increased by 10.4% in January-October 2021, to 158.8 billion rubles. cubic meters of gas.

Read more about the results of the oil and gas production and refining market in issue No. 1448 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.