non-opec producers lag over condensate decision

摘要

Non-Opec parties to the Opec+ production deal are not rushing to emulate their ally Russia in adopting a methodology that excludes condensate when calculating their output targets and compliance rates. Russia lobbied to have condensate excluded from its production fgures ahead of this month's Vienna meetings, because it says there is a rising ratio of condensate to crude in its liquids output, driven by higher natural gas fows. Energy minister Alexander Novak says its initiative “was approved” by the Joint Ministerial Monitoring Committee ahead of the Opec+ group's 6 December decision to slice a further 500,000 b/d from its collective output on top of the existing 1.2mn b/d cut, to take efect in January-March.