Bloomberg: December oil and condensate output together totaled 10.903 million bpd Analysts: Russia to fall short of its target of returning to pre-pandemic levels of oil production by May this year Russia may be nearing the limit of its oil production capacity, according to recent media reports. Bloomberg reported that the country’s December oil and condensate output together totaled 10.903 million bpd, which was flat on November, suggesting it was using up all its available production capacity. The report notes it assumes a flat production of condensates, which are included in Russia’s total oil output, which would mean that crude oil output alone was 37,000 bpd below Russia’s OPEC+ quota for December. At the same time, Reuters reported that analysts expected Russia to fall short of its target of returning to pre-pandemic levels of oil production by May this year. Yet the analysts added the country could boost its […]