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. Last Updated: 07/27/2016

Oil Output and Exports Continue Slide

The country produced 0.8 percent less crude in May than in the same month last year, bringing the country closer to the first annual drop in oil output in a decade. Exports also fell.
Production slid to 9.74 million barrels per day from 9.82 million bpd a year earlier, according to data released Monday by the Energy Ministry’s dispatch center. Output rose 0.2 percent from April.
Prime Minister Vladimir Putin has promised tax cuts for the oil industry to stimulate investment, although analysts including Chris Weafer of UralSib say the proposals may not go far enough to revive production growth.
Total exports fell to 5.52 million bpd, 4.6 percent less than in May last year and 1.6 percent less than in April this year.
Exports through Transneft, the state oil-pipeline operator, fell 2.4 percent from a year earlier and 1.3 percent from a month ago to 4.46 million bpd.
Production declines continued at LUKoil, the country’s largest independent producer, and ExxonMobil’s Sakhalin-1 project. BP’s Russian venture TNK-BP, Surgutneftegaz and state-controlled Gazprom Neft boosted output compared with April, while failing to pump the same amount as last year.