Russian energy minister Alexander Novak said Thursday that Russia is preparing calculations to exclude condensate from its OPEC+ quota, but has so far yet to take a decision. We have not taken a decision yet, we’re discussing it, we are making calculations and based on those we will draw some conclusions,” Novak told reporters, ahead of a meeting with representatives of Russian oil producers. Last week Novak said that new volumes of condensate should be excluded from Russia’s quota. He said Russian condensate output would increase as new gas production came on stream, and as it is not exported, it should not be included in the deal. Under the current OPEC+ agreement, Russia committed to cut around 230,000 b/d from its October 2018 crude and condensate output of 11.42 million b/d. Compliance has fluctuated significantly this year, […]