On Monday, a source familiar with the data said that Russia’s output of oil and gas condensate was raised after OPEC+ eased oil output cuts.
On August 1 and 2, the country’s oil and gas condensate production climbed to 9.8 million bpd from 9.37 million bpd in July.
Effective on August 1, the Organization of the Petroleum Exporting Countries and allies (OPEC+) have eased the oil output curbs from 9.7 million bpd to 7.7 million bpd. As part of the ease, Russia stated that it would raise its crude oil output by 400,000 bpd excluding the output of gas condensate.
Normally, Russia produces between 700,000-800,000 bpd of gas condensate, which means that excluding it, the country could have produced about 9-9.1 million bpd of crude in early August.
