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The highest in 18 months.. Russia’s oil production records 10.8 million barrels per day

  • 02 November, 2021
  • 2:57 pm EET

Russia’s production of oil and gas condensate rose to 10.84 million barrels per day last October, the highest in 18 months, compared to 10.72 million barrels per day in September.

Total oil and condensate production reached 45.86 million tons last month, compared to 43.86 million tons in September, according to Reuters calculations based on the Interfax report, citing data from the Russian Energy Ministry, on Tuesday.

Reports indicated that the level of production last month was the highest since pumping 11.34 million barrels per day in April 2020.

 

OPEC+

Russia plans to bring oil production to a pre-pandemic level in May 2022, thanks to the new OPEC + alliance agreement, which allowed a number of countries to adjust the baseline.

The OPEC + alliance of major oil producers, led by Saudi Arabia and Russia, is scheduled to hold a meeting on Thursday, to decide on production policy.

Under the current agreement, the cumulative production of the coalition is being increased by 400,000 barrels per day each month, despite US calls for additional supplies to calm rising prices.

Brent crude prices were trading near $85 a barrel, despite China announcing the release of fuel reserves to increase market supply and support price stability in some areas.

 

Gas Production

Russia’s gas production, which is dominated by state gas pipeline monopoly Gazprom, reached 65.81 billion cubic meters last month, up from 61.05 billion cubic meters in September, Interfax news agency reported.

The data does not reveal Gazprom’s production levels, in the spotlight with rising spot gas prices in Europe.

The company said on Monday that its gas production in October amounted to 44.5 billion cubic meters, the highest monthly figure since 2013.

 

SOURCE : ATTAQQA

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