Russia’s oil production rose in March, following a drop in February by Reuters


© Reuters. Russia’s production of oil and gas condensate increased to 10.25 million b / d

From Vladimir Soldatkin

MOSCOW (Reuters) – Russia’s production of oil and gas condensate rose to 10.25 million barrels per day in March from 10.1 million barrels per day in February, according to Reuters calculations based on a report by the Interfax news agency based on data from the Energy Ministry on Friday.

The recovery of Russian oil production comes after a drop in February, when industry sources said that challenges in resuming production from aging fields were exacerbated by severe winter weather.

Interfax reported that production of oil and gas condensate recorded 43.34 million tons in March, compared with 38.56 million tons in February.

Based on an agreement last month with the OPEC + group, Russia is allowed to increase its production by more than 130,000 bpd in April.

The OPEC + group, the alliance that includes the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, including Russia, decided on Thursday to reduce production cuts and address the faltering demand in light of the pandemic, from May to July.

Russian Deputy Prime Minister Alexander Novak said Moscow would continue to gradually increase its oil production from May to July, with a total of 114,000 bpd.

A Reuters survey concluded that OPEC production rose in March as an increase in supplies from Iran was matched by reductions from other members under an agreement with allies, in what constitutes an obstacle to efforts to limit supplies if the increase by Tehran continues.

(Prepared by Moataz Muhammad for the Arabic Newsletter)

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