Russia’s oil output in July was in line with the oil output cut pact of OPEC+ and mainly unchanged from June’s levels with similar compliance levels at 99%.
Under the Organization of the Petroleum Exporting Countries and its major oil producer allies (OPEC+) pact, Russia’s crude production quota is about 8.5 million bpd in May to July.
The ministry data showed that last month, excluding gas condensate, Russia’s production of crude oil was between 8.57-8.67 million bpd.
The country’s oil and gas condensate production went up to 9.37 million bpd in July, compared to 9.32 million bpd in June. Normally, Russia produces 700,000-800,000 bpd of gas condensate. Natural gas output slumped by 7.9% on a yearly basis to 50.33 bcm.
Oil exports outside the former Soviet Union countries in July stood at 15.72 mt or 3.72 million bpd, down by 27.1% year-on-year.
Looking ahead, Russia has stated that its oil production would be up by 400,000 bpd following OPEC+’s oil output cut pact’s ease as the global oil prices have gradually recovered.
