Russian Oil Output Falls to 9.32 mln bpd in June, Approaching OPEC+ Target

Russian oil and gas condensate production fell to 9.32 million barrels per day (bpd) in June from 9.39 million bpd in May, near its target under a deal with the OPEC+ group, Interfax news agency reported on Thursday, citing energy ministry data.

The production of oil and gas condensate per ton decreased in June to 38.16 million tons. Russia has pledged to reduce oil production by about 2.5 million barrels per day under the agreement with OPEC, bringing its production to 8.5 million barrels per day, which supports oil prices, but that agreement does not include gas condensate.

Under the agreement between the Organization of the Petroleum Exporting Countries (OPEC) other major producers including Russia, a group known as OPEC+, Moscow has pledged to reduce its output by around 2.5 million bpd to 8.5 million bpd to support oil prices. The deal does not include output of gas condensate, a light oil.