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Russian oil production is at its highest level in 13 months

Russian oil

Russian oil production rose last September to its highest level in 13 months, according to Bloomberg Agency.

Russia revealed its oil production, ahead of the meeting of the OPEC+ alliance, on Monday.

For months, the OPEC+ alliance has been working to gradually cancel the unprecedented production cuts that they adopted last year due to the Coronavirus pandemic.

Russian oil

Russian companies increased Russian oil production in accordance with the decision of the “OPEC+” alliance. As well as, the BJSC plant, affiliated with Gazprom, for the production of condensate, increased, following the control of a fire.

Bloomberg quoted data issued by the “CDU-TEK” of the Russian Energy Ministry, that Russia produced 43.86 million tons of crude oil and condensate during the month of September.

This figure means that Russia’s oil production amounted to about 10.716 million barrels per day, based on the conversion ratio per barrel per ton of 7.33.

The volume of Russian oil production rose last month by 2.6% compared to the previous month, when Gazprom reduced production at the company’s largest condensate plant, located in western Siberia, after the fire.

Upcoming increase

Bloomberg explained that under the agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the main producers outside the organization, led by Russia, can increase crude oil production by 400,000 barrels per day every month, starting in August. Last August, Russia’s share of this increase amounted to a quarter.

The increase is scheduled to continue in this way until all restrictions on production that were imposed due to the Coronavirus pandemic are removed.

Oil closed above $78 a barrel on Friday, close to a three-year high hit earlier this week, buoyed by expectations that OPEC ministers will maintain a moderate pace to raise production.

Brent crude rose 97 cents, or 1.2 percent, to $79.28 at the settlement, marking the fourth consecutive weekly rise. US West Texas Intermediate crude advanced 85 cents to reach the settlement price of $75.88, with the sixth week of gains recorded.

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