Exploration & Production

Russia cuts oil output by 234,000 bpd

MOSCOW

Russia cut its oil output excluding gas condensate by 234,000 barrels per day (bpd) in December from a baseline set in October 2018, the energy ministry said, as part of a global pact to curb production and support prices.

Gas condensate production was up 58,000 bpd, the ministry said.

Under a pact with Opec and other oil producers, Russia has pledged to reduce production excluding gas condensate by 300,000 bpd through the first quarter of 2020.

For December 2020, the quota included gas condensate output and stood at 228,000 bpd.

Early this month, the ministry said Russia’s oil and gas condensate production rose to 11.262 million bpd in December from 11.244 million bpd in November.




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