Moscow — Russia’s oil and gas condensate production fell to 9.39 million barrels per day (bpd) in May, close to its target under a global deal to reduce output, sources familiar with the data told Reuters.
That was down from 11.35 million bpd in April and 9.42 million bpd from May 1-19.
Under the agreement between Russia and the Organization of the Petroleum Exporting Countries, a group known as OPEC+, Moscow has pledged to reduce its output by around 2.5 million bpd to 8.5 million bpd to help support oil prices. The deal does not include output of gas condensate, a light oil.
Russia usually produces 700,000-800,000 bpd of gas condensate.
That means that excluding gas condensate, Russia produced 8.59-8.69 mln bpd of crude oil in May.
The energy ministry declined to comment.
OPEC+ agreed to cut its combined output by around 10 million bpd, or 10% of global oil production, in May and June, with a subsequent easing of the reductions.
Two OPEC+ sources told Reuters on Monday that OPEC and Russia were moving closer to an agreement on extending current output cuts and were now discussing a proposal to rollover supply curbs for one to two months.
OPEC+ may hold an online conference as early as Thursday to discuss its policy, compared with the original schedule of next week.
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- Reuters
