Citing sources familiar with the data, Reuters reports that Russian oil and gas condensate production dropped to 9.45 million barrels per day (bpd), on May 1-11, as the country complies to the OPEC+ output cut deal.
Reuters added, “the decline is from 11.35 million bpd Russia produced on average in April and from the 9.5 million bpd produced on May 1-5.”
Market reaction
The above headlines add to the bullish tone around oil prices, as WTI looks to regain $25 mark, up 3% on a daily basis.
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