Russian Oil Production Rises in August, Sanctions Yet to Bite

Production at state-controlled Gazprom jumped by 36 percent month-on-month in August to 306,000 bpd. Output at projects under PSAs rose 12 percent to 241,000 bpd.

Alexander Kornilov, an analyst with Alfa Bank, said Gazprom was just returning to usual condensate production levels after a drop in July following maintenance works. Gazprom's Surgut plant was out of operation for most of July.

Sberbank CIB's Nesterov said monthly production at PSA projects was volatile because of maintenance issues, including at some offshore production platforms. In June, output was 303,000 bpd.

In tonnes, Russian oil output reached 44.472 million in August versus 43.949 million in July.

Gas production was 42.74 billion cubic metres (bcm) last month, or 1.38 bcm a day, versus 42.68 bcm in July. Gazprom produced 26.28 bcm, or 848 mcm per day, in August, down from 26.72 bcm a month earlier.

Russia's Energy Ministry has forecast oil production to reach 525 million tonnes this year (10.54 million bpd), up 0.4 percent year-on-year.

(1 US dollar = 37.3710 Russian rouble)


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