Russia Aims to Keep OPEC+ Pledge, But Has New Excuse to Break It - Bloomberg:
Russia offered yet another explanation for why its oil production may exceed its OPEC+ target for November, months after promising to improve the country’s lax implementation of output cuts.
“We’re trying to reach the planned level,” Energy Minister Alexander Novak told reporters in Moscow on Wednesday. “There are certain nuances that, as we’ve said before, have an impact during winter season.”
The startup of new natural gas fields that yield higher volumes of a light oil called condensate has lifted Russia’s production figures, but “it shouldn’t be included in overall volumes of output” because it isn’t exported, Novak said.
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