Russian daily oil output rises 2.7% on month to 10.72 mil b/d in September
Russian crude and condensate output increased by 2.7% on the month to 43.86 million mt — or 10.72 million b/d — in September, according to data released by the Central Dispatching Unit of the Russian Energy Ministry Oct. 2.
Russian production is rising as OPEC+ eases production quotas in response to demand increases on the back of vaccine rollouts and governments easing lockdowns.
Production in August was 44.16 mil mt, or 10.44 mil b/d.
Production was up 8% on the year from 40.65 million mt, or 9.93 million b/d in September 2020.
Russian production data doesn’t include a breakdown for crude and condensate, which is excluded from the OPEC + deal. Condensate usually accounts for around 8% of Russia ‘s overall output.
Russia’s quota under the agreement was 9.704 million b/d in September, up from 9.600 million b/d for August.
In October, Russia’s quota increases to 9.809 million b/d.
OPEC+ next meets Oct. 4 to determine November quotas, after the physical Dated Brent crude benchmark assessed by S&P Global Platts hit a three-year high of $79.12/b in late September.
Russian oil exports totaled 17.81 million mt in September, equivalent to around 4.35 million b/d. This was up 4% from 17.66 million mt, or 4.18 million b/d, in August.
Year on year, exports were up 8.8% from 16.37 million mt, or 4 million b/d in September 2020.
Russian crude prices rose 9.6% in September. S&P Global Platts assessed Urals CIF Med at $76.105/b on Sept. 30, up from $69.445/b Aug. 31.
Russia’s September domestic deliveries stood at 23.37 million mt, or 5.71 million b/d, down 2.4% compared with August deliveries of 24.73 million mt, or 5.85 million b/d.
Domestic deliveries were up 5.9% on 22.04 million mt or 5.39 million b/d in September 2020.