Novak: OPEC+ accepted recommendation to exclude condensate from Russia's oil quota

Author: Greg Michalowski | Category: News

Russia's oil minister Novak speaking

Russia'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.   
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