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Russia Boosts July Oil Production As OPEC Allies Pump More – OilPrice.com

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Russia Boosts July Oil Production As OPEC+ Allies Pump More | OilPrice.com


Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Russia saw its oil production rise for the first time in three months in July as OPEC+ continued to ease the production cuts and planned maintenance at some Russian oilfields ended.

Russia’s crude oil and condensate production combined stood at around 10.46 million barrels per day (bpd) in July, up by 0.3 percent from June, according to Bloomberg estimates based on preliminary data from Russia’s Energy Ministry.

In May and June, Russia’s crude and condensate production was lower despite the higher quota the leader of the non-OPEC group in the OPEC+ alliance had. According to the International Energy Agency (IEA), cited by Bloomberg, Russian crude oil production was lower in June because of planned maintenance.

It’s difficult to assess Russia’s compliance with the OPEC+ deal because its energy ministry is not breaking down crude oil and condensate production. Russia has won an exemption not to consider its condensate output as part of the production cut agreement.

As per Bloomberg estimates, if Russia’s condensate production in July was the same as in June, at around 900,000 bpd, then its crude oil production should have been 9.56 million bpd, above its quota of 9.495 million bpd for July. 

Russia’s compliance with the OPEC+ deal will be around 100 percent in July, Deputy Prime Minister and chief oil negotiator, Alexander Novak, told reporters in Moscow on Friday.

Russia can boost its oil production in August by 100,000 bpd, as per the parameters in the OPEC+ deal agreed in July, Novak added.

On July 18, the OPEC+ group decided it would start returning 400,000 bpd to the market every month beginning in August until it unwinds all the 5.8 million bpd cuts.

While Russia saw its oil production inch up by 0.3 percent month over month in July, OPEC’s oil production is estimated to have jumped last month by 610,000 bpd to 26.72 million bpd, the highest since April 2020, the monthly Reuters survey showed.

By Tsvetana Paraskova for Oilprice.com

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Oil Prices Jump As Crude, Fuel Inventories Continue To Fall – OilPrice.com

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Oil Prices Jump As Crude, Fuel Inventories Continue To Fall | OilPrice.com


Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 6.108 million barrels for the week ending September 17.

It exceeded the analyst expectations who had estimated a loss of 2.400 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 5.437 million barrels—a larger loss than the 3.903 million barrel draw that analysts had predicted.

Oil prices rose on Tuesday leading up to the data release, with U.S. crude oil inventories falling weekly, OPEC+ production that is not as strong as the market had anticipated, and depressed oil production in the United States as a result of the aftermath of Hurricane Ida.

WTI rose 0.31% on Tuesday afternoon leading up to the data release.

At 2:42 p.m. EST, WTI was trading at $70.51—a roughly $0.30 gain on the week and $0.22 gain on the day. Brent crude was trading up 0.70% for the day at $74.44.

Oil inventories in the United States have drawn down considerably so far in 2021, shedding more than 76 million barrels according to API data, and below pre-pandemic levels. Meanwhile, the EIA’s latest data suggests that crude oil inventories in the United States are now 7% under the five-year average for this time of year, at 417.4 million barrels.

Most recently, U.S. oil production has been down more than a million bpd over the last couple of weeks, sitting at just 10.1 million bpd  for week ending September 10 as Hurricane Ida continued to shut in oil producers in the Gulf of Mexico. 16.64% of GoM oil production is still shut in today, according to the BSEE.

The API reported a draw in gasoline inventories of 432,000 barrels for the week ending September 17—compared to the previous week’s 2.761-barrel draw.

Distillate stocks saw a decrease in inventories this week of 2.720 million barrels for the week, compared to last week’s 2.888-million-barrel decrease.

Cushing inventories fell this week by 1.748 million barrels after last week’s 1.345-million-barrel decrease.

By Julianne Geiger for Oilprice.com

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B.C. preparing to offer COVID-19 vaccine to 6- to 11-year-olds once approved – Globalnews.ca

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British Columbia is “actively preparing” to provide the Pfizer COVID-19 vaccine to children aged six to 11, if and when it receives Health Canada approval.

Provincial health officer Dr. Bonnie Henry said Tuesday there is optimism around approvals as phase two and phase three studies are finishing up.

The information from the studies will be part of data package being submitted over the next few weeks on how well the vaccines work and how safe they are, Henry said.


Click to play video: 'Study finds Pfizer vaccine safe and effective for children 5 to 11 years-old'



2:02
Study finds Pfizer vaccine safe and effective for children 5 to 11 years-old


Study finds Pfizer vaccine safe and effective for children 5 to 11 years-old

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Pfizer Canada eyeing urgent COVID-19 vaccine approval for children aged 5 to 11

“I think that’s very good news,” she told a news conference.

“That gives us just one more tool to be able to protect younger children against this virus.”

But she was reluctant to put a timeline on when children may be eligible for the shot. In previous statements, Henry has pointed anywhere from the fall to the end of 2021.

On Monday, Pfizer said its research shows its product works for children aged five to 11 and that it will seek U.S. authorization for this age group soon.

But Henry said Tuesday they are looking at children between six and 11 being eligible.


Click to play video: 'Pfizer says their vaccine works for children 5-11'



3:47
Pfizer says their vaccine works for children 5-11


Pfizer says their vaccine works for children 5-11

Health Canada has said several studies on children are underway by various vaccine makers, and that it expects them to provide data in the next few months.

Pfizer studied a lower dose of its two-dose vaccine in more than 2,200 kindergartners and elementary school-aged kids, mostly in the United States and Europe.

Read more:
Pfizer Canada eyeing urgent COVID-19 vaccine approval for children aged 5 to 11

Preparing the vaccine at a lower dose could have some logistical challenges, however.

“We do know that there may be some delays before the manufacturing process,” Henry said.

“This means the vaccine will be available to children in B.C., but we are preparing so that we’re ready to offer it and we have all of the information that parents will need to make those decisions about whether their children should be immunized, and I think this will be very important, especially as we are into the school year again.”

– with files from the Canadian Press

© 2021 Global News, a division of Corus Entertainment Inc.

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