Russia produced more oil in September than envisaged by a global deal due to an increase in gas condensate output as the country prepared for winter, local news agencies reported on Oct. 20.
Russian oil output edged down to 11.25 million barrels per day (MMbbl/d) last month from August's 11.29 MMbbl/d but remained above the cap set under the global production deal.
Under the accord reached between OPEC and allied producers, Russia has agreed to reduce output by 228,000 bbl/d from an October 2018 baseline.
Energy Minister Alexander Novak has said the reduction totaled 200,000 bbl/d last month. He reiterated that the country would strive to fulfill its obligations this month in full.
"We had specific obligations, related, among other factors, to dealing with the winter period, with the production of gas condensate," TASS news agency quoted Novak as saying.
Output of gas condensate, a light oil, is included in Russian statistics on total oil production.
OPEC, Russia and other oil producers, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 MMbbl/d from the start of this year.
Several countries, including OPEC kingpin Saudi Arabia, have complained about Russia's failure to comply with the deal in full.
Recommended Reading
After BKV’s IPO, Is Market Open to More Public SMID Caps?
2024-10-03 - The market for new E&P and energy IPOs has been tepid since the COVID-19 pandemic. But investor appetite is growing for new small- and mid-sized energy IPOs, says Citigroup Managing Director Dylan Tornay.
Endeavor Energy Founder Autry Stephens Dies at 86
2024-08-16 - Stephens created a legacy in the Permian Basin that Endeavor said will continue to shape the future of the company.
GreenFire Appoints Rob Klenner as President to Deliver Geothermal Solutions
2024-08-27 - As president of GreenFire Energy, Rob Klenner will be responsible for overseeing GreenFire’s geothermal energy projects.
Viper Energy Offers 10MM Shares to Help Pay for Permian Basin Acquisition
2024-09-12 - Viper Energy Inc., a Diamondback Energy subsidiary, will use anticipated proceeds of up to $476 million to help fund a $1.1 billion Midland Basin deal.
Petrobras’ 2Q Production Rises 2.4% YOY to 2.7 MMboe/d
2024-07-31 - Brazil’s state-owned Petrobras reported average production of 2.7 MMboe/d in second-quarter 2024 as offshore production continues to ramps up.