Oil production in Russia resumed growth last September, reaching its highest level in 13 months.
The Organization of the Petroleum Exporting Countries and its allies, within the framework of the “OPEC +” group, meet on Monday. The group is working to phase out the unprecedented production cuts they adopted last year, but sources say it is considering doing more.
Russian companies increased production in accordance with the decision of the “OPEC Plus” alliance, and the production of the “BJSC” plant for the production of condensate, affiliated with Gazprom, increased, following the control of a fire.
And the Bloomberg news agency quoted today, Saturday, data issued by “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.
Production in Russia increased last month by 2.6% compared to the previous month, when Gazprom cut production at the company’s largest condensate plant, located in western Siberia, after the fire.
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, the “OPEC Plus” alliance, which includes the two parties, can increase crude oil production by 400,000 barrels per day every month starting from 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 Corona epidemic 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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