Russia cut oil, condensate production in February

In February, compared to a month earlier, oil and condensate production in Russia fell by 0.7% to 10,095,000 barrels per day, Report informs with reference to the Central Dispatching Department of Fuel Energy Complex (CDU TEK) under the Russian Energy Ministry.

In annual terms, the indicator decreased by 10.7%.

The new OPEC+ agreements started in May 2020, reducing oil production by 9.7 million barrels per day. After August 2020, the alliance relaxed the restrictions to 7.7 million, and in January, it agreed on cuts of 7.2 million, of which Russia accounted for 1.881 million. 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.