Russia is raising oil output as OPEC+ cuts ease: source

Published 03/08/2020 in Business News, Economy & Finance

Russia is raising oil output as OPEC+ cuts ease: source

MOSCOW (Reuters) – Russian oil and gas condensate output increased to 9.8 million barrels per day (bpd) on Aug. 1-2 from 9.37 million bpd in July as the country eases production curbs under an OPEC+ deal, a source familiar with data said on Monday.

The Energy Ministry declined to comment on the data.

OPEC+ producers – which include members of the Organization of the Petroleum Exporting Countries and allies such as Russia – from Aug. 1 have agreed to slim their output cuts to 7.7 million barrels per day (bpd) from 9.7 million bpd.

Russia has said it will increase its crude oil production by 400,000 bpd as part of that deal, which does not include output of gas condensate, a light oil. C-RU-OUT

Russia usually produces 700,000 to 800,000 bpd of gas condensate.

That means that excluding gas condensate, Russia could have produced around 9 million to 9.1 million bpd of crude oil in early August, comparing to a target of around 9.0 million bpd.

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