Russia for two weeks in September increased oil production with condensate by 0.8% versus August

Russia for two weeks in September increased oil production with condensate by 0.8% versus August

Russia for two weeks in September increased oil production with condensate by 0.8% versus August

Production of oil with condensate in Russia in the first two weeks of September increased by 0.8% against the level of August, it follows from the statistics, which was reviewed by Interfax.

During this period, the figure was 1,356.5 thousand tons per day, which is 10.7 thousand tons more than in August.

Usually, condensate production in the autumn months begins to grow along with gas production, the demand for which increases against the backdrop of the onset of cold weather. However, due to the pandemic, the production of condensate together with gas decreased from April to June compared to the levels of the previous year.

As restrictive measures were lifted and markets (external and internal) recovered, gas production in the country began to recover: in August, it declined by less than 6% year-on-year, compared with 11% in July and a (maximum drop) of 21% in May. In absolute terms, gas production in Russia increased month on month after passing the annual minimum in June, July and August.

In July, condensate production showed an increase of 1.7% yoy – up to 90 thousand tons per day. In August 2019, the average daily condensate production in the Russian Federation amounted to 88 thousand tons.

The average condensate production in the Russian Federation for seven months is 97 thousand tons per day.

Thus, if we exclude the average production of condensate, the production of oil only in the first half of September could amount to 1,260 thousand tons per day, or about 9.09 million barrels per day in terms of a coefficient of 7.33 (the average level of barreling for different grades of Russian oil is averaged and constantly changing).

As part of the obligations under the OPEC + deal, Russia should produce no more than 9 million b / d of oil in September.

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