Novak: OPEC+ accepted recommendation to exclude condensate from Russia's oil quota
Russia's oil minister Novak speakingRussia's oil minister Novak says that OPEC+ accepted recommendations to exclude condensate.
Condensateis a mixture of light liquid hydrocarbon similar to a very light crude oil.
So by excluding it in Russia's quota, it is a net increase in production.
The headlines from the meetings are a bit confusing overall. The latest indications were that the group agreed to adjust official production targets. However it remains to be seen if that will result in real reductions.
A headline that just came out now is suggesting that they have not discussed a 500,000 B/D cut and production.
As a result, it is best to be cautious as the meetings play out.