• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Social Backlash Is Wreaking Havoc On Ecuador’s Oil Industry

Ecuador’s already-struggling oil industry is…

Is A Recession Really The Next Big Risk For Oil?

Is A Recession Really The Next Big Risk For Oil?

Crude prices have fallen this…

Russia Boosted Oil Production In October

Russia saw its crude oil and condensate production rise in October for a second consecutive month as it increased output under the OPEC+ agreement to ease the collective production cuts.

Total crude and condensate production at the leader of the non-OPEC countries in the OPEC+ deal rose by 1.1 percent from September to stand at 10.843 million barrels per day (bpd) in October, according to Bloomberg estimates based on data from the Russian energy ministry.

However, Russia’s condensate production—estimated at around 800,000 bpd-900,000—is not part of the OPEC+ production cuts, so it’s not easy to assess how much crude oil Russia is really pumping.

The energy ministry’s data does not discriminate between crude oil and condensate production, so the market and analysts assess crude output by estimating condensate production levels.

Per Bloomberg calculations, if Russia pumped in October the September volumes of condensate of around 910,000 bpd, Russian crude production was 9.93 million bpd, or 120,000 bpd above the October quota.

Last month, Russian Deputy Prime Minister Alexander Novak said that Russia was pumping 9.9 million bpd of crude oil in October, but had the capacity to increase production to up to 11.4 million bpd. Russia’s oil production in October will be 9.9 million bpd, as Moscow is aligning its output with the OPEC+ agreement, Novak said in the middle of last month.

Russia expects its crude oil plus condensate production to return to pre-pandemic levels by May 2022, Russian officials, including Novak, have said in recent months.

As per the latest quota distribution of the OPEC+ group, Russia has a ceiling of 9.913 million bpd for November—the same as OPEC’s de facto leader and top producer, Saudi Arabia.

The energy ministers of the OPEC+ alliance are meeting on November 4 to decide output quotas for December, amid pressure from consuming nations—including the United States—to increase supply to the market by more than the 400,000 bpd monthly additions they have agreed to so far.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News