Russia produced 11.369 million barrels a day of crude and condensate last month, a 0.42 per cent decline from October. Bloomberg
Russia produced 11.369 million barrels a day of crude and condensate last month, a 0.42 per cent decline from October. Bloomberg
Russia produced 11.369 million barrels a day of crude and condensate last month, a 0.42 per cent decline from October. Bloomberg
Russia produced 11.369 million barrels a day of crude and condensate last month, a 0.42 per cent decline from October. Bloomberg

Russia's oil output dips in November ahead of Opec+ meeting


  • English
  • Arabic

Russia’s oil production fell ahead of a crucial meeting with OPEC this week to decide supply strategy as prices slump.

Russia produced 11.369 million barrels a day of crude and condensate last month, a 0.42 per cent decline from October, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That was the first monthly decline in the nation’s oil output since the beginning of the year.

With Brent plunging more than 30 per cent since early October, Russia and Saudi Arabia agreed on Saturday to coordinate their actions in the oil market next year, extending the so-called OPEC+ agreement. While the decision opens the door for a deal at the meeting Russia and Opec are holding in Vienna this week, its details, including the size of any potential output cut, are still unclear.

___________

Read more:

___________

Russia pumping at lower levels is not necessarily a signal that its producers are returning to output cuts before the Vienna meeting has made any decision. Instead, seasonality and factors at individual fields may be responsible, analysts said.

“This does not look like an intentional cut at all,” said Maksim Nechaev, director for Russia at IHS Markit. “In current market conditions, the companies aim to pump as much as they can to support their revenue flow.”

Gazprom Neft, the oil arm of gas giant Gazprom, and Lukoil, Russia’s second-largest oil producer, drove the decline in output last month, according to CDU-TEK data. Gazprom Neft decreased its production by 4.71 per cent on the October level, while Lukoil’s drop reached 0.91 per cent.

Rosneft, Russia’s largest oil company, pumped slightly more than in October at its key projects, excluding joint ventures and the Bashneft unit. Rosneft’s East Siberian greenfields and the Soviet-era Samotlor were the main output-growth sources for the company. Russia offers tax breaks for these fields, which could give Rosneft an extra incentive to raise production there.

Russia aims to keep its oil output near average October levels until the year-end, Energy Minister Alexander Novak told Tass news agency last week. This may imply that a slight production growth is possible this month even amid a further Brent slump. Russian crude producers are resilient to the current price declines as the flexible ruble exchange rate and the tax system provide a natural hedge for their costs.

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

Match info

Karnataka Tuskers 110-3

J Charles 35, M Pretorius 1-19, Z Khan 0-16

Deccan Gladiators 111-5 in 8.3 overs

K Pollard 45*, S Zadran 2-18

UAE currency: the story behind the money in your pockets
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
'Will%20of%20the%20People'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EMuse%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EWarner%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%20turbo%20and%203.6-litre%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20235hp%20and%20310hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E258Nm%20and%20271Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh185%2C100%0D%3Cbr%3E%3C%2Fp%3E%0A
How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

The biog

Favourite book: Homegoing by Yaa Gyasi

Favourite holiday destination: Spain

Favourite film: Bohemian Rhapsody

Favourite place to visit in the UAE: The beach or Satwa

Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19

What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.

If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours.