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Russia’s oil output down 80,000 bpd in August though still above OPEC+ plan — IEA

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

MOSCOW, September 12. /TASS/. Russia’s oil production went down by 80,000 barrels per day (bpd) in August to 9.11 mln barrels per day, though it was still 130,000 barrels per day higher than the OPEC+ deal’s target, the IEA (International Energy Agency) said in its September Oil Market Report.

Russia’s crude output amounted to 9.11 mln barrels per day in August, according to figures provided by the agency. However, considering voluntary cuts suggested for August, the production volume was expected at 8.98 mln barrels per day.

In its September report released earlier this week OPEC said that Russia’s oil production was 81,000 bpd ahead of the OPEC+ deal’s oil output plan in August. In turn, Russian Deputy Prime Minister Alexander Novak said earlier that the country had reached the state of all its OPEC+ output reduction obligations fulfilled as of the end of August.

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.

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