Russia raised oil and gas condensate output in April to 46.45 million tonnes, 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.
FILE PHOTO: A view shows a well head and a drilling rig in the Yarakta Oil Field, owned by Irkutsk Oil Company , in Irkutsk Region, Russia March 11, 2019. REUTERS/Vasily Fedosenko/File Photo
The United States, Norway, Canada and Brazil may add cuts that would bring the total reduction to 20 million bpd, or 20% of global supply, although the coronavirus crisis has driven down demand by as much as 30%, driving down prices. This number exempts production of gas condensate, or light oil. Russian energy ministry does not disclose gas condensate production separately.
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