source, Energy News, ET EnergyWorld


Russian oil and gas condensate near record high in Feb: source MOSCOW: Russian oil production, including gas condensate, stood at 11.29 million barrels per day (bpd) over Feb. 1-27, a source familiar with preliminary data told Reuters, as markets await news on whether Moscow will join OPEC in making further production cuts.

The preliminary figure is broadly in line with the 11.28 million bpd pumped in January but higher than Russia’s average output last year. Russia’s highest monthly oil production of 11.45 million bpd was recorded in December 2018.

From late last year Russia was allowed to exclude production of gas condensate, a form of light oil, from its quota in the existing oil supply pact between OPEC and its allies – known as OPEC+ – but it continues to report a combined figure with no breakdown.

Russia’s current oil production quota stands at 10.33 million bpd excluding gas condensate. It was not immediately clear from the preliminary figures how Moscow complies with its obligations under the OPEC+ deal. Russia reports official February data on March 2.

The energy ministry did not reply immediately to a Reuters request for a comment.

Several key OPEC members are leaning towards a bigger than previously expected output cut, four sources with knowledge of the talks said on Friday, as oil prices fell to $50 a barrel on fears over demand destruction as the coronavirus outbreak spreads globally.

Saudi Arabia, the biggest producer in OPEC, and some other members are considering agreeing an output cut of 1 million bpd for the second quarter of 2020, more than an initially proposed cut of 600,000 bpd, the sources said.

While Saudi Arabia supports a further output cut, Russia has yet to announce its final position on the matter. Moscow has a history of only agreeing to OPEC+ actions at the last minute, after initial reluctance.





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