OREANDA-NEWSThe question of the need to recalculate quotas for lowering oil production at OPEC + due to the increase in gas condensate production is still being studied by Russia, while OPEC + has not yet decided on it. Russian Energy Minister Alexander Novak told reporters about this.

"We don't have such a solution yet. We are discussing now, making calculations, on the basis of which we will draw conclusions then", he said, answering the question whether OPEC+ should be asked to exclude condensate from the calculations. “Let’s wait for now, we won’t finalize now”, he concluded.

Earlier, a Russian media source said that the Ministry of Energy of the Russian Federation plans to raise at OPEC+ the issue of recalculating quotas amid growing gas condensate production in Russia. Novak has already told reporters that Russia seeks to comply with its quota to reduce production under OPEC+, but because of the increase in gas condensate production, this isn't possible. Russian production statistics take oil and condensate together, he recalled.

The increase in condensate production is associated with the launch of new gas projects. In the coming months, Russia plans, in particular, to launch several large export projects at once, including Nord Stream 2, Power of Siberia and Turkish Stream.