Russian oil and gas condensate output up in September: Interfax By Reuters


© Reuters. FILE PHOTO: A well head and drilling rig in the Yarakta oilfield in Russia

MOSCOW (Reuters) – Russian oil and gas condensate production edged up to 9.93 million barrels per day (bpd) in September, Interfax said on Friday, citing Energy Ministry data that suggests Russia slightly exceeded its quota under a global supply pact.

This was up from 9.86 million bpd in August and in line with what sources told Reuters a day earlier.

In tonnes, oil and gas condensate production stood at 40.65 million tonnes for September, against 41.7 million tonnes in August, which is one day longer.

The OPEC+ producer group’s global deal excludes condensate, a type of light oil, some 700,000-800,000 bpd of which Russia pumps on average. Moscow’s quota is now 9 million bpd of oil.

The increase followed a decision by OPEC+ to ease curbs on output to 7.7 million bpd from 9.7 million bpd from August through to December. Starting from January, production cuts are expected to be tapered by a further 2 million bpd.

Leading traders believe that the group is unlikely to increase oil output as planned from January because that could add further downside pressure to an already weak market.

Russian Energy Minister Alexander Novak on Monday said the global oil market has been stable for the past few months and the balance between supply and demand has been restored, though the COVID-19 pandemic ensures that uncertainties remain.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here