Russia’s oil production fell to between 8.59 – 8.69 million barrels per day (mmbbl/d) in May, nearing Moscow’s previous pledge of reducing production to 8.5 mmbbl/d, according to Reuters.
Under the OPEC+ agreement, Moscow has pledged to reduce its oil output by around 2.5 mmbbl/d to 8.5 mmbbl/d to help support oil prices. The deal does not include output of gas condensate, a light oil. Russia usually produces 700,000-800,000 bpd of gas condensate.
May’s oil and gas condensante figures totalled 9.39 mmbbl/d, representing a consecutive decrease in production following April’s production of 11.35 mmbbl/d and 9.42 mmbbl/d from May 1-19.
OPEC+ agreed to cut its combined output by around 10 million bpd, or 10% of global oil production, in May and June, with a subsequent easing of the reductions. OPEC+ are expected to hold another meeting which may come as early as Thursday to discuss the organization’s short-term future policy.