Russia fully performed OPEC+ oil production limiting deal in July

Russia fully performed OPEC+ oil production limiting deal in July
  • Clock-gray 05:25
  • calendar-gray 04 August 2020

The average daily oil and gas condensate production in Russia from July 1 to 29 was at the level of 1.281 mln tonnes, according to the data released by the Central Dispatching Department of Fuel Energy Complex (CDU TEK) on Monday. This is 0.7% above the average daily oil production in June, APA reports citing TASS.

Under the terms of the OPEC+ deal to reduce oil production, Russia agreed in May - July to cut output by 2.5 mln barrels per day to 8.492 mln barrels. The deal entered into force on May 1.

Russia’s official statistics keeps track of production in tonnes, and OPEC does so in barrels. After converting 1.281 mln tonnes into barrels at a rate of 7.33, which is used for the Urals export oil blend, then Russian oil and condensate production by the end of July was 9.39 mln barrels per day including gas condensate.

Oil producers slightly ramped up production to 9.47 mln barrels daily, according to daily production data for July 29 alone, since limitations under the OPEC+ deal are softened since August 1 and Russia can restore production by 0.5 mln barrels per day to 8.99 mln barrels daily.

 
 

According to the agreement of Russia with OPEC, gas condensate is not included in the quota for reducing production, only oil. According to TASS estimates, in May Russia produced about 797,000 barrels of condensate per day. Later, the International Energy Agency provided similar figures.

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