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Develop a national framework for projects implementation efficiency & governance: economists Samsung smartphones are available with attractive offers for this Eid Technical Strategic Partner Huawei awarded by bKash প্রাথমিকের শিক্ষকদের অনলাইনে বদলীর কার্যক্রম উদ্বোধন Momen to lead Bangladesh in UN Ocean Conference পবিত্র ইদুল আজহা উপলক্ষ্যে জাতীয় চাঁদ দেখা কমিটির সভা আগামীকাল Russia and West clash at UN Security Council Oxfam condemns G7 for ‘leaving millions to starve’ Continued arms supplies from US to Ukraine increase threat of further escalation : envoy ৩০ জন নারী উদ্যোক্তার অংশগ্রহণে চলছে আনিসুল হক কোহর্ট উদ্যোক্তা হাট Samsung introduces ‘Meet the Eid’ campaign ahead of Eid with sizzling offers British Council stages Noishobde ’71 BRAC Bank wins four VISA awards Sufferers of false allegation over Padma Bridge deserves compensation: Momen Japan to provide 165,989m Yen to Bangladesh for 3 projects HC orders to form commission to find conspirators against Padma Bridge ২৮ জুন এক নজরে বাংলাদেশ ২৮ জুন কোভিড-১৯ সংক্রান্ত সর্বশেষ প্রতিবেদন New Canadian envoy calls on State Minister for Foreign Affairs কর্মক্ষম ‍যুবশক্তির কর্মসংস্থান না করা গেলে জনমিতিক লভ্যাংশের সুফল ভোগ করা যাবে না
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Develop a national framework for projects implementation efficiency & governance: economists Samsung smartphones are available with attractive offers for this Eid Technical Strategic Partner Huawei awarded by bKash প্রাথমিকের শিক্ষকদের অনলাইনে বদলীর কার্যক্রম উদ্বোধন Momen to lead Bangladesh in UN Ocean Conference পবিত্র ইদুল আজহা উপলক্ষ্যে জাতীয় চাঁদ দেখা কমিটির সভা আগামীকাল Russia and West clash at UN Security Council Oxfam condemns G7 for ‘leaving millions to starve’ Continued arms supplies from US to Ukraine increase threat of further escalation : envoy ৩০ জন নারী উদ্যোক্তার অংশগ্রহণে চলছে আনিসুল হক কোহর্ট উদ্যোক্তা হাট Samsung introduces ‘Meet the Eid’ campaign ahead of Eid with sizzling offers British Council stages Noishobde ’71 BRAC Bank wins four VISA awards Sufferers of false allegation over Padma Bridge deserves compensation: Momen Japan to provide 165,989m Yen to Bangladesh for 3 projects HC orders to form commission to find conspirators against Padma Bridge ২৮ জুন এক নজরে বাংলাদেশ New Canadian envoy calls on State Minister for Foreign Affairs কর্মক্ষম ‍যুবশক্তির কর্মসংস্থান না করা গেলে জনমিতিক লভ্যাংশের সুফল ভোগ করা যাবে না Strengthen the Tobacco Control Law: ATMA

Russia’s Oil Output Up 5% in May : Vedomosti reports

Bangladesh Beyond
  • Updated on Friday, June 3, 2022
  • 65 Impressed

Russia’s Oil Output Up 5% in May : Vedomosti reports

 

 

Dhaka June 03 2022 (MT) :

 

Russia’s oil production increased by 5% in May after it saw one of its steepest drops the previous month under Western pressure over the war in Ukraine, the Vedomosti business daily reported Friday.

Russian crude output last month totaled 43.1 million tons and averaged 10.2 million barrels per day, Vedomosti cited an unnamed industry source as saying.

That marked a 5% increase from 10 million bpd extracted in April, when Russia saw one of the sharpest falls since the collapse of the Soviet Union. Vedomosti’s data showed Russian production at 11 million bpd in March and 11.1 million bpd in February.

In annual terms, Russia’s May 2022 output dropped 2.5% from May 2021.

So far this year, Russia’s crude output totaled 219.9 million tons in January-May, a 3.5% increase over the same period last year.

Russia’s Finance Ministry forecasts a 17% decline in oil production this year, averaging an 18-year low of 9.13 million bpd.

On Monday, the European Union agreed to ban 90% of Russian crude by the end of 2022 as part of its sixth sanctions package over Russia’s invasion of Ukraine. The embargo includes carve-outs for EU member states most dependent on Russian oil.

Experts interviewed by Vedomosti linked last month’s rebound in crude output to new Asian buyers sought after by Russia following U.S. and British sanctions and falling demand in Europe.

Global market data provider Refinitiv forecasts Russian oil exports to increase to 900,000 bpd to India and 400,000 bpd to China, senior Alfa Bank analyst Nikita Blokhin said. The ability to further reshape the global oil market would allow Russia to stabilize production at 10.3 million bpd, he said.

“If European consumers’ rejection of Urals imports is gradual, we can safely assume that all of the declining export volumes can be redirected to Asia within a month and a half or two,” said Alexander Frolov, deputy chief of Russia’s Institute of National Energy analytical firm.

 

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