16 Apr 2021 13:14

Russian oil and condensate output so far in April up 2.5% from March, OPEC+ compliance 88%

MOSCOW. April 16 (Interfax) - Russia's average daily output of oil with condensate in the first half of April rose 34,500 tonnes or 2.5% compared with March to just over 1.434 million tonnes, according to statistics seen by Interfax.

The OPEC+ deal allows Russia to raise production of oil - condensate is not counted - by 130,000 bpd compared with March to 9.379 million bpd.

Russia produced an annual daily 109,000 tonnes of condensate on February - data on this are a month behind. Condensate output usually falls together with gas in the spring as the temperature rises, moreover a whole Sakhalin 2 project gas preparation train idled for nearly the whole of March. But if condensate output was level with February, then production of oil only was 1.325 tonnes per day or 9.57 million barrels per day at a conversion ratio of 7.22, which is the average and changes depending on how much crude of one sort or another is produced.

Thus, Russia might have exceed its quota by 200,000 bpd and compliance with the OPEC+ deal might have been 88% so far in April.