According to the International Energy Agency, in July 2019 Russia cut its oil production by 270,000 bpd compared to October 2018, which is a basis in the OPEC deal. In July, Russia fulfilled the agreement by 116%, while in June it was 114%.
Against this background, Russia’s crude oil export in January-June was almost on the same level as a year ago, down just 0.3% year-on-year to 125.8 mn tons. In terms of value, crude oil export declined by 3% down to $58.5 bn.
Oil products export in January-June decreased by 8.3% down to 71.3 mn tons. In terms of value it was down 10.5% to $34.2 bn.
Diesel fuel export made 26.3 mn tons in terms of tonnage (-6.7% year-on-year) and $14.8 bn in terms of value (-8.5%).
Petrol export in January-June increased by 3.9% year-on-year up to 2.6 mn tons worth about $1.9 bn, same as a year ago.
In June, Russia exported some 18.9 mn tons of crude, down 4.7% year-on-year and down 0.5% month-on-month. In terms of value, crude oil export declined by 11.3% year-on-year and 5.5% month-on-month to make $9.1 bn.
Oil products export in June decreased by 16.1% year-on-year and 3.5% month-on-month down to 10.5 mn tons worth $5.3 bn (down 21.6% year-on-year and 5.8% month-on-month).
Diesel fuel export made 3.8 mn tons (down 12.1% year-on-year and 7.5% month-on-month) worth $2.19 bn (down 19.6% year-on-year and 10.5% month-on-month).
Car petrol export in June surged 78.5% year-on-year and grew by 28.4% month-on-month making 555 thousand tons worth $316.7 mn, up 70.7% year-on-year and 22.2% month-on-month.
Natural gas export in January-June amounted to 108.3 bn cbm, down 5.2% year-on-year. In terms of value, it also declined, by 4.3% down to $22.7 bn.
Liquefied natural gas export during the first 6 months of the year increased by 53.9% year-on-year up to 29.4 mn cbm, its value was up 70.1% to $4.49 bn.
In June, natural gas export made 14.9 bn cbm, down 8% year-on-year but down 5.1% month-on-month. Value-wise, it was worth some $2.6 bn (-25.7% year-on-year and -11.3% month-on-month)
LNG export in June amounted to 4.1 mn cbm surging by 86.4% both year-on-year and month-on-month. In terms of value, LNG export increased by 30.8% year-on-year and by 24% month-on-month making some $469.5 mn.