Russia’s May oil output fell close to OPEC+ target

Russian oil production, excluding gas condensate, fell to 8.59 million barrels per day in May, near country’s target under an OPEC+ pact, the energy ministry said.

The Interfax news agency, citing ministry data, stated that Russian oil and gas condensate production declined to 39.7 million tonnes (9.39 million daily barrels) in May.

Under the agreement between the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, Moscow has pledged to reduce output by about 2.5 million barrels per day to 8.5 million to support oil prices. The deal does not include gas condensate, a light oil.

The ministry does not disclose separate gas condensate output figures on a monthly basis.

Interfax also said that Russia’s Jan-May natural gas production fell by 9.2% year on year to 293.26 billion cubic metres.