Russian oil output up 5% in first half of June

According to Interfax, Russia’s first half of June saw an almost 5% increase in oil production compared to May. The Interfax news agency reported Tuesday, citing a source with knowledge of the output statistics.

The average daily oil production, which includes condensate and crude oil, was 1.46million tonnes in the first 13 days of June, 68,000 more than the May levels, according to the news agency.

Rosneft and other Russian oil companies were expected to reopen wells in June that had been closed by Western sanctions. The companies rely on a rise in seasonal demand and continued Asian buying to reopen the wells, Reuters sources stated.

Russia has diverted large amounts of its oil exports from Russia to Asia since March, amid the looming Western sanctions.

Interfax reported that Russia’s average daily oil exports increased by 0.5% in the 13-day period of June, compared to the May monthly average of 662,500 tonnes per hour.

Russian seaborne oil exports increased 9.5% between May and June to 470,700 tons per day. However, supplies via pipelines fell 16.5% to 191,800 tons per day, Interfax reported, citing the source.

According to Interfax’s source data, most countries that receive oil from Russia via pipelines experienced a decrease in their intake between May and June. However, Hungary saw an increase in its purchases of 14% to 19,700 tonnes daily.

European Union leaders agreed to an embargo on Russian crude oil imports, which will be fully in effect by the end of 2022. However, Hungary and two other Central European countries that are landlocked have been granted exemptions from their imports through pipelines.

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