Russia increases oil and condensate production

Oil and condensate production in Russia amounted to 10.249 million barrels per day in March.

Report informs citing Russian media that compared to a month earlier, this indicator increased by 1.3%, while in annual terms it decreased by 9.3%.

OPEC +, due to the drop in oil demand caused by the coronavirus pandemic, has cut production by 9.7 million barrels per day since May 2020. The restrictions were adjusted as demand started to recover. In March 2021, the production amounted to 7.05 million barrels per day, and in April it was agreed to be 6.9 million barrels per day.

The baseline for OPEC+ cuts for all is October 2018, but for Russia and Saudi Arabia, it is 11 million barrels per day. It covers only oil, not condensate.