Russian oil and gas production cuts to 9.39 million bpd in May: Interfax
Russian oil and gas condensate production dropped to 9.39 barrels per day (bpd) in May, nearing its target in accordance to a deal with the Organization of the Petroleum Exporting Countries (OPEC+). The figures come from the country’s energy ministry and were cited on Tuesday’s report by the news agency Interfax.
Under an agreement with OPEC+, Moscow had pledged to decrease its output to 8.5 million bpd in order to support oil prices as demand dwindles amid the COVID-19 pandemic. The deal does not include output of gas condensate, a light oil.
Excluding gas condensate, Russia’s output was around 8.59 to 8.69 million bpd in May.
Interfax said that Russian oil exports outside the former Soviet Union in May had reached 4.1 million bpd, a 14.2% decrease year-on-year.
OPEC+ agreed to cut its combined output for May and June by nearly 10 million bpd, which makes up 10% of global oil production.
OPEC+ might hold an online conference as early as Thursday in order to discuss its policy. The group is still due to discuss the extension of the output cuts in its current pace.