Ahead of Opec+ cuts, Russian output jumped to 11.35 mln bpd in April
Ahead of Opec+ cuts, Russian output jumped to 11.35 mln bpd in April

Russia raised oil and gas condensate output in April to 46.45 million tons, or 11.35 million barrels per day (bpd), from 11.29 million bpd in March,Interfax reported on Saturday, before it makes cuts this month under a global supply pact.
Reuters uses the barrels/tons ratio of 7.33.
The Organization of the Petroleum Exporting Countries, Russia and other allied producers, a group known as OPEC+, agreed last month to cut their combined oil output by about almost 10 million bpd, or 10 percent of global supply in May and June to tackle the economic fallout from the new coronavirus.
The United States, Norway, Canada and Brazil may add cuts that would bring the total reduction to 20 million bpd, or 20 percent of global supply, although the coronavirus crisis has driven down demand by as much as 30 percent, driving down prices.
Russia is expected to cut its oil production by 2.5 million bpd from a baseline of 11 million bpd in May and June.
This number exempts production of gas condensate, or light oil. Russian energy ministry does not disclose gas condensate production separately.
It also said Russian oil exports increased 2.2 percent year on year to 83.79 million tons in the January-April period.