Russia To Ask OPEC To Tweak Output Cut Deal

Russia needs to discuss with its OPEC partners the exclusion of gas condensate from its cap under the OPEC+ production cut pact, as condensate isn’t exported, while it is included in Russia’s oil production statistics, Russian Energy Minister Alexander Novak said on Wednesday. Production of gas condensate—a side product known as ultra-light oil—in winter months in Russia is high and it is set to increase with the start-up of new gas fields. According to Novak, condensate production is one factor that keeps Russia from fully…