Russia increased its production of crude oil and gas condensate in August by 5% versus July,according to preliminary data from the country’s energy ministry.The increase came as the Opec-plus alliance scaled back its joint production cuts to 7.7 million barrels per day in August from 9.6 million b/d in July,as it had previously agreed.However,the numbers appear to show that Russia exceeded its Opec-plus production ceiling for a fourth consecutive month in August and did not make any"catch-up"cuts to compensate for its overproduction in the previous three months.According to preliminary government data,Russia’s combined crude and condensate production in August amounted to 41.7 million metric tons,which equates to 9.85 million barrels per day at a conversion rate of 1 ton = 7.32 barrels.
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