MOSCOW, October 14. /TASS/. Russia’s oil production went down by 28,000 barrels per day (bpd) in September to 9.001 mln barrels per day (mbd), though it was still slightly above the OPEC+ deal’s target, OPEC said in its October Oil Market Report.
Russia’s oil output amounted to 9.079 mbd in July, 9.029 mbd in August, with the average level standing at 9.426 mbd in Q1 and 9.216 mbd in Q2.
That said, considering all voluntary oil output adjustments within OPEC+ agreements, Moscow was to reduce production to 8.978 mbd in September, which means output was 23,000 bpd higher than the target.
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.
The OPEC secretariat said earlier following the meeting of the OPEC+ monitoring committee that Iraq, Kazakhstan and Russia confirmed that they had achieved full conformity and compensation according to the schedules submitted for September.