Russia’s average oil production increased to 11.29 million barrels per day (bpd) in February, up by 3.2 percent on the year and slightly up from 11.28 million bpd in January, Russia’s Interfax news agency reported on Monday, citing data from the Russian Energy Ministry. Russia’s oil production figures, however, include gas condensate, which, as of this year, is not included in the Russian production and quota as part of the OPEC+ production cut agreement. The Russian energy ministry’s statistics do not break down yet crude oil and condensate production, but the ministry will regularly provide that breakdown to analysts, media, and OPEC, Russia’s Energy Minister Alexander Novak has said, according to Bloomberg . Removing condensate from the level of compliance—a concession Russia won at the December OPEC+ meeting—makes Russia’s compliance record look more acceptable to OPEC’s leader and key partner in the deal, Saudi Arabia, which is pushing for […]