May 14, 2018 / 6:40 AM / 2 months ago

UPDATE 1-Rosneft first-quarter oil output down 1.2 pct because of OPEC deal

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MOSCOW, May 14 (Reuters) - Rosneft’s oil and gas condensate output in the first quarter was down 1.2 percent year on year because of the global supply pact with OPEC, the company said on Monday.

Russia’s largest oil producer, in which British oil major BP owns a 19.75 stake, said production of liquid hydrocarbons, or oil and gas condensate, stood at 4.57 million barrels per day (bpd) in the first three months of 2018.

The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia, have agreed to cut their combined oil output by 1.8 million bpd to reduce bloated global oil inventories and support prices.

Russia has pledged to cut its output by 300,000 bpd from the 11.247 million bpd produced in October 2016, the baseline for the deal.

Since the accord was reached at the end of 2016, oil prices have climbed to their highest in nearly four years to exceed $77 a barrel, up from $30 in early 2016.

Rosneft’s total average daily hydrocarbon production was at 5.71 million barrels of oil equivalent in the first quarter, close to levels in the same period last year.

The Kremlin-controlled company also said it has concluded a two-year deal with French oil major Total to supply crude oil via the Druzhba (Friendship) pipeline to Germany, amounting to between 4.8 million tonned and 10.8 million tonnes.

Rosneft’s first-quarter natural gas production stood at 16.87 billion cubic metres, down 2 percent from the same period last year. (Reporting by Vladimir Soldatkin and Olesya Astakhova Editing by Andrey Ostroukh and David Goodman)

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