Russian energy ministry says oil output fell to near OPEC+ target in May GlobeBusiness
A drilling rig owned by Irkutski Oil Company stands in the Yarakta oil field in Russia on March 11, 2019.Russian oil production, excluding gas condensate, fell to 8.59 million barrels per day in May, near country’s target under a an OPEC+ pact, the energy ministry said on Tuesday.
Under the agreement between the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, Moscow has pledged to reduce output by about 2.5 million bpd to 8.5 million bpd to support oil prices. The deal does not include gas condensate, a light oil.The ministry does not disclose separate gas condensate output figures on a monthly basis.
OPEC+ agreed to cut its combined output by about 10 million bpd, or 10 per cent of global oil production, in May and June, in response to the coronavirus crisis and its impact on oil demand.
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