Russian oil output falls close to OPEC+ target: report

02/06/2020 Argaam

 

Russian oil and gas condensate production fell to 39.7 million tons (9.39 million barrels per day or bpd) in May, Reuters reported citing Interfax news agency.

 

Russia usually produces 700,000-800,000 bpd of gas condensate. That means that excluding gas condensate, Russia produced 8.59-8.69 million bpd of crude oil in May.

 

This is close to its target under a deal within the OPEC+ group as per which Moscow has pledged to reduce its output by around 2.5 million bpd to 8.5 million bpd to help support oil prices.

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