Russia Is the Canary in the OPEC+ Oil Mine

A part of the uncertainty over Russian manufacturing lies in definitions. The OPEC+ deal applies solely to crude and excludes condensates — a light-weight type of oil extracted from gasoline fields. Official Russian manufacturing numbers, revealed by the Ministry of Vitality, mix the 2 and, because the world’s largest pure gasoline producer, the condensate portion is critical. It most likely quantities to about 800,000 barrels a day, or 8% of Russia’s whole oil manufacturing (reported by ministry at 10.43 million barrels a day in August), nevertheless it doubtless varies seasonally with gasoline manufacturing. | Russia Is the Canary within the OPEC+ Oil Mine


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