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Russia’s June oil, gas condensate output drops to 10.42 million bpd

Russian oil and gas condensate output declined to 10.42 million barrels per day (bpd) in June from 10.45 million bpd in May, according to Reuters calculations based on an Interfax report citing energy ministry data on Friday.

It was the second straight month of decline and the lowest since March, when it stood at 10.25 million bpd.

Total oil and gas condensate production stood at 42.64 million tonnes in June versus 44.21 million in May, which has one more day, the agency said.

Russia has been restraining its output in line with a global production deal aimed at balancing the oil market.

The deal – agreed by OPEC+, a group of oil producers including Russia – was designed to cut output by almost 10 million bpd from May 2020. The cuts are to be phased out by end-April 2022 and now stand at about 5.8 million bpd.

OPEC+ on Thursday postponed its discussions about its production policy until Friday. Russia and Saudi Arabia had also proposed extending the duration of cuts until the end of 2022 to avoid a new glut next year.

Interfax also said Russian oil exports outside the former Soviet Union declined by 12.1% in the first half of the year to 104.06 million tonnes from the same period of 2020.
Source: Reuters (Reporting by Vladimir Soldatkin and Maria Kiselyova; Editing by Jacqueline Wong and Tom Hogue)

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