Russia increased its oil and gas condensate production in August as global output curbs eased, indicating it can restore its fields quickly even without an earlier announced plan to drill new wells, data showed and sources said.
Russia, among the world’s top three oil nations with Saudi Arabia and the United States, is limited in how much it can pump by the deal between the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+.
Last month, Moscow produced 41.7 million tonnes of oil and gas condensate, or 9.86 million barrels per day (bpd), a 5% rise from July, Interfax reported, citing energy ministry data.
The increase followed a decision by OPEC+ to ease curbs on output to 7.7 million bpd from 9.7 million bpd.
The deal excludes condensate, a type of light oil, some 700,000-800,000 bpd of which Russia pumps on average. Moscow’s quota is now 9 million bpd of oil so the latest data suggests Russia slightly overproduced last month.
Since joining the pact in 2016, Moscow has shown to be able to adjust output quickly despite harsh weather conditions and remote locations. It delivered its deepest-ever cut of nearly 2 million bpd in just two weeks this April.
