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Russian Oil And Condensate Output In Feb Rises 2%

OIL

Russian oil and condensate output rose by 2% month on month to a daily average of around 1.508mn tons, ahead of the anticipated March production cut of 500kbps according to Kommersant.

  • Output rose for the first time similar to pre-war levels this month will likely be higher than in February 2022, Kommersant said.
  • Oil output has been holding just below 10mnbpd since November and is likely to rise by 1-2% this month according to Renaissance Capital’s Boris Sinistyn.
  • Oil firms have been ramping up output this month given lower export duties on oil and an increase of Urals prices vs Brent by 8% on the month.

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