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Russian oil, gas condensate output at highest since April 2020

Russian oil, gas condensate output at highest since April 2020
Russian oil, gas condensate output at highest since April 2020   -   Copyright  Thomson Reuters 2021
By Reuters

MOSCOW – Russian oil and gas condensate output rose to 10.72 million barrels per day (bpd) in September, the highest level since the 11.34 million bpd pumped in April 2020, Reuters calculations based on an Interfax report showed on Saturday.

Total oil and gas condensate production was 43.86 million tonnes last month, Interfax news agency reported citing official data, versus 44.09 million tonnes in August, when it edged down following fire at Gazprom’s processing plant.

Interfax also said on Saturday that output of natural gas in Russia rose last month by almost 10% from August to 61.05 billion cubic metres.

The rise in Russian oil and gas condensate production was in line with previous reports.

An industry source said output of gas condensate, a type of light oil which is excluded from Russia’s output quota under the OPEC+ deal, has almost recovered last month to the levels of July, when condensate production stood at 3.07 million tonnes.

The OPEC+ group of leading oil producers, which includes Russia, is holding an online meeting to decide on further production policy on Monday.

Under the current arrangement the group is raising its cumulative output by 400,000 barrels per day each month.

Industry sources said that OPEC+ was considering going beyond its existing deal against a backdrop of oil near a three-year high and consumer pressure for more supply.

OPEC oil output also rose in September to its highest since April 2020, a Reuters survey found, as Nigerian output recovered from involuntary losses and the group’s top producers further eased supply curbs under a pact with its allies.