According to OPEC, Russia’s crude oil production fell by 28,000 barrels per day (bpd) in September, bringing the total output to approximately 9 million bpd. This figure slightly exceeds Russia’s monthly quota under the OPEC+ agreement, which is set at 8.98 million bpd. Key details include:
Revised Production Figures: August’s production was revised down from 9.059 million bpd to 9.029 million bpd.
OPEC+ Context: The OPEC+ coalition, which includes OPEC and allied producers like Russia, has implemented significant output cuts since late 2022 to stabilize the volatile oil market.
Overproduction Compensation: Russia has committed to compensating for its overproduction with additional cuts planned for October and November 2024, as well as between March and September next year.