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Russian oil and gas condensate production rose more than 2.5% in September, Auto News, ET Auto

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Earlier this month, OPEC +, as the alliance is known, agreed to increase its oil production targets by an additional 400,000 bpd in October.

MOSCOW: Production of oil and gas condensate in Russia is expected to increase by more than 2.5% in September compared to August thanks to a resumption of condensate production and an easing of production cuts under a global deal, three sources said Tuesday.

Russian oil and gas condensate production fell to 10.43 million barrels per day (bpd) in August, from 10.46 million bpd in July, despite a global agreement to begin phasing out production cuts in a context of economic recovery.

Earlier this month, the Organization of the Petroleum Exporting Countries and its Russia-led allies, or OPEC + as the alliance is known, agreed to increase oil production targets by an additional 400,000 bpd in October. .

According to a source close to the data, the production of gas condensate, a type of light oil, fell in August by nearly a fifth, to 2.47 million tonnes, mainly due to a fire at the facilities of Gazprom in northern Russia.

“The Russian Energy Ministry gave the green light for an increase in production as early as August. We have increased production in both new and old projects,” a source told a producer. Russian oil.

Major Russian oil producers and the Energy Ministry did not respond to Reuters requests for comment.

“The focus was on more profitable tonnes in August following an increase in the production quota, while in September less profitable projects were also used (to increase production),” the source said.

Two other sources familiar with the production data, said that the daily production of Russian oil and gas condensate from September 1 to 27 reached 1.46 million tonnes, or 10.7 million barrels per day. Reuters uses the barrel / ton ratio of 7.33.

One of the sources said that gas condensate production, which is excluded from Russia’s production quota under the OPEC + deal, has almost returned to July levels, when condensate production was rising. to 3.07 million tonnes.

OPEC + is organizing an online meeting to decide on the new production policy next week. Under the current agreement, the group is increasing its cumulative production by 400,000 barrels per day each month.

Russian production of oil and gas condensate in 2020 was 512.8 million tonnes, of which more than 36 million tonnes.

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