Russia Oil and Gas production lowering down to 39.7 million ton in the month of May, or 9.39 million barrel/day, nearing the target under OPEC+ deal within May-June, according to Russia energy ministry data. The number was in sync with other sources’ data, as decreases from 11.35 million barrel/day in the month of April.
Under the agreement between OPEC+ countries and allies, Russia has to reduce output by around 2.5 million barrel/day to reach 8.5 million barrel/day as a way to support oil prices. The deals do not include the output of light oil or condensated gas, and Russia produces 700,000-800,000 barrel/day of gas condensate at an average pace. This means excluding light oil, Russia produced 8.59-8.69 million barrel/day of crude oil in May, as the separate numbers of monthly output were not released.
Media sources reported that Russian oil exports outside the export to former the Soviet Union countries in May reached 17.36 million ton, or 4.1 million barrel/day, decreasing 14.2% compared from last year. The country’s natural gas production in January-May is also sliding by 9.2% year-on-year in the figure of 293.26 billion cubic meters.
OPEC+ meeting last April settled to reduce combined output by around 10 million barrel/day or 10% of global oil production in May and June, and scheduled to have another online conference on June 4 to discuss the policy and the probability of output cuts extension for the next few months.
