Russia aims to comply with the deal in November, but it also believes that some nuances in production, such as condensate output, should be taken into account, Novak said.
The condensate mainly stays in Russia and therefore does not affect global supply, he said. “This should be discussed with partners, as condensate does not go for export,” Novak noted.
Russia, as leader of the non-OPEC group of producers who are cutting output as part of the OPEC+ deal, is taking the lion’s share of non-OPEC cuts and has committed to keep its production at up to 11.191 million bpd, down by 230,000 bpd from the 11.421 million bpd reference production level from October 2018.
Russia, however, includes condensate production in its monthly oil production statistics, while many other producers do not. Russia has been slow to comply with its share of cuts, pumping slightly above its quota in recent months, and missing its production target in October yet again, despite promises that it would fall in line for October.
Novak, for his part, said that he would discuss the OPEC+ deal with Russian oil companies before the December meeting. But the minister noted that he doesn’t want to share the Russian position that he will take to Vienna.
Author: Tsvetana Paraskova
