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Markets

Russia's January oil and gas condensate output rises to 10.16mn bpd

  • Starting from February, Russia is due to raise its oil output by another 65,000 bpd.
02 Feb 2021

MOSCOW: Russian oil and gas condensate output rose to 10.16 million barrels per day (bpd) in January from 10.04 million bpd in December, according to Reuters calculations based on an Interfax report citing energy ministry data on Tuesday.

The increase has been broadly in accordance with the plans of a group of leading oil producers, known as OPEC+, to ease curbs on oil production introduced last year to cushion the fallout from the COVID-19 pandemic.

Oil and gas condensate production in Russia stood at 42.96 million tonnes for January, compared with 42.46 million tonnes in December, the news agency reported.

That was in line with source-based Reuters report on Monday. Reuters uses barrel/tonne ratio of 7.33.

Production data includes gas condensate, a type of light oil. Russia does not report the condensate output separately.

The OPEC+ producer group's global deal excludes condensate, some 700,000-800,000 bpd of which Russia pumps on average.

The increase of 120,000 bpd from December was slightly less than the 125,000 bpd which Russia was expected to raise as part of OPEC+ agreements to curb the cuts.

Starting from February, Russia is due to raise its oil output by another 65,000 bpd.

Interfax also reported that Russia's oil exports outside former Soviet Union declined last month to 17.42 million tonnes (4.12 million bpd).

Oil output at OPEC has risen for a seventh month in January, a Reuters survey found, after the group and allies agreed to ease record supply curbs further, although an involuntary drop in Nigerian exports limited the increase.

The 13-member OPEC is pumping 25.75 million barrels per day (bpd) in January, the survey found, up 160,000 bpd from December and an increase from the three-decade low reached in June.

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