Russian oil and gas condensate output increased to 9.8 million barrels per day (MMbbl/d) on Aug. 1-2 from 9.37 MMbbl/d in July as the country eases production curbs under an OPEC+ deal, a source familiar with data said Aug. 3.
The Energy Ministry declined to comment on the data.
OPEC+ producers, which include members of OPEC and allies such as Russia, from Aug. 1 have agreed to slim their output cuts to 7.7 MMbbl/d from 9.7 MMbbl/d.
Russia has said it will increase its crude oil production by 400,000 bbl/d as part of that deal, which does not include output of gas condensate, a light oil.
Russia usually produces 700,000 to 800,000 bbl/d of gas condensate.
That means that excluding gas condensate, Russia could have produced about 9 million to 9.1 MMbbl/d of crude oil in early August, comparing to a target of about 9 MMbbl/d.
Newfoundland and Labrador is the third-largest oil-producing province in Canada, producing 5% of the country's crude in 2018. Low oil prices have forced producers to cut spending and output globally.
Concerns over COVID outweigh any optimism on the oil major’s grand plan tied to the energy transition.
The view stands in contrast to that of rival BP Plc, which sees the coronavirus pandemic leaving a lasting effect on global energy demand, though ConocoPhillips still expects "quite a bit of uncertainty next year."