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Sources familiar with the data told Reuters on Monday, Russia’s oil and gas condensate production fell to 9.39 million barrels per day (bpd) in May, almost reaching its target under the OPEC+ oil output cut deal.

May’s data was down from 11.35 million bpd in April and 9.42 million bpd from May 1-19.

Market reaction

Oil prices are little changed on the above report, with WTI keeps its range trade intact around 35.50 region.

  • WTI consolidates around $35.50 amid OPEC+ output cuts extension hopes