Russian oil and gas condensate production fell below 10 million barrels per day (bpd) on Monday to its lowest since July 2020, two sources familiar with data said on Tuesday, as sanctions and logistical constraints hamper trade.
Source: Reuters
Sources said that Russia’s average oil output fell to 10.32 million bpd on April 1-11 from 11.01 million on average in March, a decline of more than 6%.
The sources said, output fell further to 9.76 million bpd on Monday alone, according to Reuters calculations, the lowest since 9.37 million bpd on average in July 2020, when output and demand were dented by the spread of coronavirus.
One of the sources also said that Russian largest oil producer by output, Rosneft ROSN.MM, has registered the largest decline in output, which fell to 2.87 million bpd on April 1-11 from 3.35 million bpd in March.
Russian Energy Ministry and Rosneft did not respond to a request for comments.
