Russia saw its crude oil and condensate production rise in October for a second consecutive month as it increased output under the OPEC+ agreement to ease the collective production cuts. Total crude and condensate production at the leader of the non-OPEC countries in the OPEC+ deal rose by 1.1 percent from September to stand at 10.843 million barrels per day (bpd) in October, according to Bloomberg estimates based on data from the Russian energy ministry. However, Russia’s condensate production—estimated at around 800,000 bpd-900,000—is not part of the OPEC+ production cuts, so it’s not easy to assess how much crude oil Russia is really pumping. The energy ministry’s data does not discriminate between crude oil and condensate production, so the market and analysts assess crude output by estimating condensate production levels. Per Bloomberg calculations, if Russia pumped in October the September volumes of condensate of around 910,000 bpd, Russian crude […]