Russia increases oil and condensate production by 1%

Russia’s January oil and condensate output rose by 1% month-on-month to reach 10,159,000 barrels daily, Report informs with reference to the Central Dispatching Department of the Fuel and Energy Complex (CDU TEK) under the Russian Energy Ministry.

However, in annual terms, the indicator fell by 10.3%.

The new OPEC + agreements started in May 2020, reducing oil cutbs by 9.7 million barrels daily. From August, the alliance relaxed the restrictions to 7.7 million, and in January, it agreed on reductions of 7.2 million, with 1,881,000 in Russia. The baseline for OPEC + cuts for all is October 2018, but for Russia and Saudi Arabia it is 11 million barrels per day, taking into account only oil, not condensate.