Russian oil output dips toward OPEC+ quota limit

Russia’s oil and gas condensate production fell to 9.42 million barrels per day during May 1 to 19 as a global deal on reducing output took effect, sources told Reuters.

The deal on curbing crude output reached between the Organization of Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, took effect on May 1.

Gas condensate, a type of light oil not included in the OPEC+ pact, accounts for 700,000-800,000 barrels per day of Russia’s combined liquids production, so output of just oil was about 8.72 million. That is close to its OPEC+ quota of 8.5 million daily barrels of oil.

Russia oil and condensates output was 11.35 million bpd in April and was averaging 9.43 million barrels per day earlier in May.

The energy ministry told companies to cut production by 20 percent each, with no exceptions for big projects led by foreign firms. Regions with the highest oil output face the toughest burden because of the concentration of assets there.