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UPDATE 2-Russian oil output jumped to 11.35 mln bpd in April, ahead of cuts

Sat 2nd May, 2020 7:22am
* April oil output was highest since January 2019
    * Global deal on oil cuts kicks in from May
    * Tatteft cuts output by 90,000 bpd in April from March

 (Adds Tatneft's production data)
    By Vladimir Soldatkin
    MOSCOW, May 2 (Reuters) - Russia raised oil and gas
condensate output in April to 46.45 million tonnes, or 11.35
million barrels per day (bpd), from 11.29 million bpd in March,
Interfax reported on Saturday, before it makes cuts this month
under a global supply pact.
    The report, which cited Energy Ministry data, showed April's
figure was the highest monthly average output  C-RU-OUT  since
January 2019, when it was 11.38 million bpd.
    Reuters uses the barrels/tonnes ratio of 7.33.
    The Organization of the Petroleum Exporting Countries,
Russia and other allied producers, a group known as OPEC+,
agreed last month to cut their combined oil output by about
almost 10 million bpd, or 10% of global supply in May and June
to tackle the economic fallout from the new coronavirus.
    The United States, Norway, Canada and Brazil may add cuts
that would bring the total reduction to 20 million bpd, or 20%
of global supply, although the coronavirus crisis has driven
down demand by as much as 30%, driving down prices.   O/RUS1 
    Russia is expected to cut its oil production by 2.5 million
bpd from a baseline of 11 million bpd in May and June. 
    This number exempts production of gas condensate, or light
oil. Russian energy ministry does not disclose gas condensate
production separately.        
    
    TATNEFT'S REDUCTION
    Russia's mid-sized oil producer Tatneft  TATN.MM  said on
Saturday it produced 1.994 million tonnes of oil in April, down
from 2.442 million tonnes in March.
    The reduction amounted to around 90,000 bpd, or 16% from
March. It did not say why it reduced output last month.
    Tatneft cut output because storage capacity is full and
European demand is weak, according to sources and data seen by
Reuters last week.  urn:newsml:reuters.com:*:nL5N2CF2WG
    The company operates in Tatarstan in central Russia which
became the country's main oil province in the 1970s with output
of 2 million bpd, helping the Soviet Union fund its arms race
with the United States.
    Russia has pledged to meet its commitments in full with
output projected to fall to between 480 million and 500 million
tonnes, or 9.6 million to 10 million bpd, this year, its first
annual decline since 2008.  urn:newsml:reuters.com:*:nL5N2CH2C1
    Natural gas production in April reached 55.14 billion cubic
metres, a decline of 14.3% from the same month a year earlier,
the Interfax news agency also reported.
    It also said Russian oil exports increased 2.2% year on year
to 83.79 million tonnes in the January-April period.

 (Reporting by Vladimir Soldatkin
Editing by Tom Hogue, Edmund Blair and Frances Kerry)
 ((vladimir.soldatkin@reuters.com; +7 495 775 12 42;))
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