Russia oil output cuts fall below Novak’s estimates

Bloomberg

Russia’s crude producers removed their first 42,000 barrels per day from the market in January under the OPEC+ output-cut agreement, slightly below earlier estimates of Energy Minister Alexander Novak.
Russia produced 48.11 million tons of crude oil, according to data from the Energy Ministry’s CDU-TEK unit. This equals 11.376 million barrels per day compared to the October baseline of 11.418 million barrels under the Opec+ pact, according to Bloomberg calculations. Earlier this week Novak said the January cuts may reach 50,000 barrels per day from the baseline.
The difference may be explained by the calculation methodology, as the Energy Ministry uses a different conversion ratio from tons to barrels for each individual field, while the Bloomberg calculations are based on the unified ratio of 7.33 barrels per ton. Russia is lagging behind partners in Opec, which as a group achieved 109 percent compliance in January, according to consultant JBC Energy GmbH. Gazprom Neft PJSC made the most significant reductions in January, reducing output from its main units