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Russia accelerates oil output cuts under OPEC+ in mid-June

According to the June figures, Russia produced 8.549 mln barrels of oil per day (at a quota of 8.5 mln barrels per day), until on June 15 it reduced production to 8.541 mln barrels per day

MOSCOW, June 16. /TASS/. The average daily oil and condensate production in Russia from June 1 to June 15 was at the level of 1.275 mln tonnes, according to the Central Dispatching Department of Fuel Energy Complex (CDU TEK).

Under the terms of the OPEC+ deal, Russia agreed in May - July to cut production by 2.5 mln barrels per day — to 8.492 mln barrels. The deal entered into force on May 1.

Read also

Russian energy ministry admits OPEC+ quotas extension if market situation allows

Russian official statistics keep track of production in tonnes, while in OPEC it is customary to count in barrels. If converting 1.275 mln tonnes into barrels using a 7.33 rate, which is applied to Urals export oil, Russian oil and condensate production in mid-June amounted to 9.346 mln barrels per day including gas condensate. Taking into account the daily production data only on June 15, oil companies by the end of the month accelerated decline in production to 9.338 barrels per day.

According to Russia's agreement with OPEC, gas condensate is not included in the quota for reducing production, only oil. According to TASS estimates, in May Russia produced about 797,000 barrels of condensate per day (later, the International Energy Agency provided similar figures).

Thus, according to data from the beginning to the middle of June, Russia produced 8.549 mln barrels of oil per day (at a quota of 8.5 mln barrels per day), and on June 15 it reduced production to 8.541 mln barrels per day.

According to the Ministry of Energy, in May Russia produced 8.59 mln barrels of oil per day.

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