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Rosneft first-quarter oil output down 1.2 percent because of OPEC deal

Reuters  |  MOSCOW 

(Reuters) - Rosneft's and gas condensate output in the first quarter was down 1.2 percent year on year because of the global supply pact with OPEC, the company said on Monday.

Russia's largest producer, in which British BP owns a 19.75 stake, said production of liquid hydrocarbons, or oil and gas condensate, stood at 4.57 million barrels per day (bpd) in the first three months of 2018.

The Organization of the Exporting Countries and other led by Russia, have agreed to cut their combined by 1.8 million bpd to reduce and support prices.

has pledged to cut its output by 300,000 bpd from the 11.247 million bpd produced in October 2016, the baseline for the deal.

Since the accord was reached at the end of 2016, have climbed to their highest in nearly four years to exceed $77 a barrel, up from $30 in early 2016.

Rosneft's total average daily hydrocarbon production was at 5.71 million barrels of in the first quarter, close to levels in the same period last year.

The Kremlin-controlled company also said it has concluded a two-year deal with French oil Total to via the Druzhba (Friendship) pipeline to Germany, amounting to between 4.8 million tonned and 10.8 million tonnes.

Rosneft's first-quarter stood at 16.87 billion cubic metres, down 2 percent from the same period last year.

(Reporting by and Olesya Astakhova; Editing by and David Goodman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 12:12 IST
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