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Russian oil production rose 11.6% YoY in July, OPEC+ deal compliance could have been 90%
MOSCOW. Aug 26 (Interfax) – Russia produced 41.4 million tonnes of oil without gas condensate in July 2021, up 11.6% year-on-year and up 4.1% from June 2021, the State Statistics Service (Rosstat) said.
Russia’s average daily output of oil without condensate was 1,335.5 million tonnes or 0.9% more than in June.
The OPEC+ deal to curb output allowed Russia to produce 9.495 million barrels per day in July.
The OPEC+ deal to curb oil output does not count condensate production. At a conversion ratio of 7.22, the country produced 9.643 million barrels per day or nearly 150,000 bpd more than it was supposed to in July and compliance with the deal might have been 90%.
