Russian oil output of January is highest since August

Oil output also rose in tonnes as it was 47.72 million in January whereas it was 47.63 million in December

The Russian oil and gas condensate output C-RU-OUT took a sharp rise to 11.28 million barrels per day (bpd) in January compared to 11.26 million bpd December, as per reports. The data has been accumulated from the Energy Ministry's data, as reported by Interfax news agency.

Sources informed Reuters last week that it is the highest since August when it reached 11.29 million bpd. Oil output also rose in tonnes as it was 47.72 million in January compared to 47.63 million in December.

Oil output highest since August in Russia

Oil industry
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Gas condensate, a light oil, has been excluded from Russia's production quota in a global pact aimed at curbing oil production and balancing out the energy markets. There has been no information available on the breakdown of condensate and oil production for January in Russia.

The global deal between the Organization of the Petroleum Exporting Countries and other leading oil producers, known as OPEC+, expires after March. Russia's Energy Minister Alexander Novak said on Friday Russia was ready to bring forward a meeting of OPEC and its allies to February from March to address a possible hit to global oil demand from a new coronavirus outbreak in China.

OPEC oil output plunged in January to a multi-year low as top exporter Saudi Arabia and other Gulf members over-delivered on a new production-limiting accord and Libyan supply dropped due to a blockade of ports and oilfields. Russian gas production was at 65.51 billion cubic meters (bcm) last month, down from 67.21 bcm in December, Interfax reported.