Russia's Oil Production in February 2020, Recalculated

Published in Data. ∼ Updated May 8, 2020

Russia’s Ministry of Energy released their February 2020 report for crude oil and condensates. It amounts to 11,288,781 barrels per day in production, 5,269,006 barrels per day in exports and 5,951,025 barrels per day in refining. This would result in an implied inventory build/increase of only 1,993,760 barrels for the month. In their nearly-uninterrupted inventory builds since going public with their data in 2013, the implied accumulative storage build would be a staggering 661,148,621 barrels, which doesn’t make sense for a country with less than 100 million barrels of storage space. Therefore, if we apply our method of removing the monthly excess from the reported production, the September production would look like this (in red) instead: 11,220,031 barrels per day.

If you examine the graph, you will see that after each dip (recalculated production line), there was a single spike after climbing back out of the hole they found themselves in after the organic chloride contamination saga.

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