Russia to press OPEC+ to change its oil output calculations - Reuters:
Russia is likely to call on fellow oil producers to change the way Moscow’s output is measured when most of the world’s biggest oil-producing nations meet next month in Vienna, Russian and OPEC sources say.
For three years OPEC and non-OPEC nations have curbed oil output in order to balance the market and support prices, but Russia has been measuring its production differently to the others.
Unlike Saudi Arabia and other OPEC producers, Russia has been including condensate - a high-premium light type of crude oil mainly extracted during gas production - in its crude oil production numbers.
In the past this has caused no problems for Moscow, but with Russia launching new gas fields in the Arctic and East Siberia and opening a new gas pipeline to China, its gas condensate production is rising.
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