Russia Increases Oil Production While Reducing OPEC+ cuts

The source familiar with the data on Monday said that Russia’s production of oil and gas condensates increased to 9.8 million barrels per day in the first and second of August, compared to 9.37 million barrels per day in July amid reducing production cuts agreed within the framework of OPEC +. Citing Reuters.

OPEC+ producers – which includes the Organization of Petroleum Exporting Countries and allies such as Russia – had agreed to reduce production cuts from August 1 to 7.7 million barrels per day instead of 9.7 million barrels per day.

Russia has said it will increase its production by 400,000 barrels per day under that agreement, which does not include gas condensers, a type of light oil.

Russia usually produces 700 to 800 thousand barrels per day of gas condensate.

This means that, by excluding gas condensate, Russia had produced about nine million to 9.1 million barrels per day of crude oil in early August.