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Bloomberg
Russia slightly increased its crude oil and condensate production in April ahead of the biggest-ever output cuts under the new Opec+ deal.
The country’s producers pumped 46.45 million tons of oil last month, Interfax reported, citing preliminary data for April from the Energy Ministry’s CDU-TEK unit.
The figure, which may be rounded, equates to about 11.349 million barrels a day on average, based on the standard 7.33 barrels-per-ton conversion ratio. Russia produced 11.298 million barrels a day in March.
That means, that like Saudi Arabia, Russia took the option of pumping more crude last month after the collapse of the previous pact between the Organization of Petroleum Exporting Countries and its allies, but the increase in output was much smaller.
Saudi Arabia’s move to hike production, to an unprecedented 12 million barrels a day in early April, coincided with nationwide lockdowns amid the coronavirus outbreak and exacerbated a global oil glut.