High Russian oil production in July exceeds the goal of “OPEC Plus”

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Quoted by the Russian Energy Ministry, Interfax news agency reported that Russia’s production of oil and gas condensates increased to 9.37 million barrels per day in July, exceeding the country’s production target under a global agreement.
Production was 9.32 million barrels per day in June. The cuts in production agreed between the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, will begin in August.
In tons, Russian oil production and gas condensate increased to 39.63 million tons in July, from 38.16 million in June, Interfax reported.
Under the “OPEC Plus” agreement, Moscow pledged to cut production to about 8.5 million barrels per day between May and July to support oil prices.
Russia usually produces between 700 and 800 thousand barrels per day of gas condensers. This means that, by excluding gas condensate, Russia produced around 8.57 to 8.67 million barrels per day of crude oil in July.
The cuts start from August, thanks to a recovery in oil prices. Russia has said it will increase its oil production by 400,000 barrels per day.
Russian oil exports to the former Soviet Union reached 15.72 million tons last month, down 27.1 percent, compared to July 2019. This equates to 3.72 million barrels per day, according to Interfax.
The agency also said, that Russia’s production of natural gas recorded 50.33 billion cubic meters in July, down 7.9%, from a year earlier.
(Reuters)

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