Russia's oil output remains in line with OPEC+ target

Oil

Russia’s oil and gas condensate production edged up by 50K b/d m-o-m to 9.37M b/d in July, according to Reuters, citing Energy Ministry data reported by Interfax. The energy ministry has stated that despite this increase, the figure is still in line with its OPEC + agreement, in which output was to be reduced to around 8.5M b/d from May through July to help stabilize global oil prices. Russia typically produces 700K- 800K b/d of gas condensate which is not included in the deal, indicating continued compliance with the target. Production cuts are set to have eased since the start of August as part of this agreement, with Russia stating that its output will now increase by 400K b/d.