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Russia 81,000 bpd ahead of OPEC+ deal’s oil output plan in August — OPEC

Eight OPEC+ nations have been voluntarily reducing output by 2.2 mln barrels per day since Q1 2024

MOSCOW, September 10. /TASS/. Russia’s oil production went down by 29,000 barrels per day in August 2024 to 9.059 mln barrels per day, though it was still ahead of the OPEC+ deal’s agreements by 81,000 barrels per day, according to figures provided in OPEC’s September report.

Russia’s crude output totaled 9.115 mln barrels per day in June, 9.089 mln barrels per day in July, while Q1 and Q2 production averaged 9.426 mln barrels per day and 9.22 mln barrels per day, respectively.

Meanwhile, considering all voluntary oil production cuts within OPEC+ agreements Moscow was to slash production to 8.978 mln barrels per day in August, which means that overproduction amounted to 81,000 barrels per day.

Eight OPEC+ nations have been voluntarily reducing output by 2.2 mln barrels per day since Q1 2024. Meanwhile, Russia cut oil supplies to global markets, not production, by 500,000 barrels per day in Q1. In Q2, both export and output went down, while in Q3, Russia was to reduce only production and keep it at 8.978 mln barrels per day. However, for several months in a row, Russia exceeded the production level agreed upon under the OPEC+ agreements. Russia, like other "debtors," is gradually compensating for insufficiently reduced production volumes. According to the schedule that Russia submitted to the OPEC+ secretariat, output reduction compensation is expected in October-November 2024 and from March to September 2025.

Russian Deputy Prime Minister Alexander Novak said earlier that the country had reached the state of all its OPEC+ output reduction obligations fulfilled by the end of August.

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