October 20, 2019 / 8:55 AM / 2 months ago

Russia says it missed oil-deal target due to rise in gas condensate output

FILE PHOTO: Pump jacks are seen at the Ashalchinskoye oil field owned by Russia's oil producer Tatneft near Almetyevsk, in the Republic of Tatarstan, Russia, July 27, 2017. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russia produced more oil in September than envisaged by a global deal due to an increase in gas condensate output as the country prepared for winter, local news agencies reported on Sunday.

Russian oil output edged down to 11.25 million barrels per day (bpd) last month from August’s 11.29 million bpd but remained above the cap set under the global production deal.

Under the accord reached between the Organization of the Petroleum Exporting Countries and allied producers, Russia has agreed to reduce output by 228,000 bpd from an October 2018 baseline.

Energy Minister Alexander Novak has said the reduction totaled 200,000 bpd last month. He reiterated that the country would strive to fulfill its obligations this month in full.

“We had specific obligations, related, among other factors, to dealing with the winter period, with the production of gas condensate,” TASS news agency quoted Novak as saying.

Output of gas condensate, a light oil, is included in Russian statistics on total oil production.

OPEC, Russia and other oil producers, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from the start of this year.

Several countries, including OPEC kingpin Saudi Arabia, have complained about Russia’s failure to comply with the deal in full.

Reporting by Vladimir Soldatkin; Editing by Dale Hudson

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