Russia’s August oil and gas condensate output rises 5% to 9.86 mln bpd -Ifax

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Adds detail, background MOSCOW, Sept 2 (Reuters) – Russia’s oil and gas condensate production rose by 5% in August to 41.7 million tonnes, or 9.86 million barrels per day, (bpd) from 9.37 million bpd in July, Interfax news agency reported on Wednesday citing energy ministry data. The increase followed a […]

Adds detail, background

MOSCOW, Sept 2 (Reuters)Russia’s oil and gas condensate production rose by 5% in August to 41.7 million tonnes, or 9.86 million barrels per day, (bpd) from 9.37 million bpd in July, Interfax news agency reported on Wednesday citing energy ministry data.

The increase followed a decision by the OPEC+ group of oil-producing nations to ease their curbs on output to 7.7 million barrels per day (bpd) from 9.7 million bpd.

The deal excludes condensate, a type of light oil, some 700,000-800,000 bpd of which Russia pumps on average.

According to the OPEC+ deal, Russia should produce 9 million bpd of oil (excluding condensate) so the latest data suggests Moscow slightly overproduced last month.

Benchmark Brent crude oil prices LCOc1 traded at nearly $46 per barrel on Wednesday, up from their 20-years-low of below $16 in April, helped by stronger demand and the reduced OPEC+ supply.

(Reporting by Vladimir Soldatkin and Maria Kiselyova; writing by Katya Golubkova; editing by Himani Sarkar and Jason Neely)

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