Russia lifts oil production in November

In an agreement between OPEC (Organization of Petroleum Exporters) and non-organ member countries (OPEC+), Russia agreed to reduce its oil production by 228,000 barrels per day (bpd) approximately 11.18 million bpd in 2019. However, data from the Ministry of Energy showed on Monday (2), that the country's oil production rose to 11.244 million bpd in November, level higher than expected in the pact.

In October, the country produced 11.229 million bpd and according to Energy Minister Alexandre Novak, Moscow intended to meet the commitment in November. In addition, Russia has called for a change in the way its production level is measured and either the exclusion of the gas condensate – a type of highly valued light oil that is extracted during gas production – which accounts for between 7% and 8% of total Russian oil production, or about 800 thousand bpd.

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