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Russia’s oil output drops by 2M b/d in May


Russia’s oil and gas condensate production decreased by 2M b/d m-o-m to 9.4M b/d in May, according to Reuters, citing Energy Ministry data reported by Interfax. Russia has pledged to reduce its output to 8.5M b/d as part of OPEC+ cuts, and usually produces 700K- 800K b/d of gas condensate which is not included in this deal, indicating cooperation with the agreement.

 A meeting between Russia and the other members of the OPEC+ group is set to take place as early as this Thursday, where the possible extension of existing output cuts will be discussed, with an agreement to cut combined output by 10M b/d in May and June currently in place.