Russian Deputy Prime Minister Alexander Novak: Russia has the capacity to increase production to up to 11.4 million bpd Russia expects its crude oil plus condensate production to return to pre-pandemic levels by May 2022 Russia’s crude oil production is trickier to estimate than the output levels of the other OPEC+ members because official Russian data doesn’t discriminate between crude oil and condensate production Russia is currently pumping 9.9 million barrels per day (bpd) of crude oil, but has the capacity to increase production to up to 11.4 million bpd, Russian Deputy Prime Minister Alexander Novak said on Thursday. Nevertheless, the output level should be guided by the market, Novak added. Russia’s oil production in October will be 9.9 million bpd, as Moscow is aligning its output with the OPEC+ agreement, Novak said at the Russian Energy Week forum today. The country has previously reached maximum production of 11.3 […]