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Russia’s oil production flat at 9.11 mbd in September — IEA

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

MOSCOW, October 15. /TASS/. Russia’s oil production remained at 9.11 mln barrels per day (mbd) in September, though exceeding the OPEC+ target considering voluntary cuts by 140,000 barrels per day (bpd), the International Energy Agency (IEA) said in its October report.

Russia produced 9.11 mbd of oil in September, same as in August, the agency said. However, considering voluntary cuts planned for September, the country’s production was to reach 8.98 mbd.

On October 14, OPEC released figures in its October report, which suggest that Russia’s output was 23,000 bpd higher than the OPEC+ deal’s target. Meanwhile the OPEC secretariat said following the meeting of the OPEC+ monitoring committee that Russia, Iraq and Kazakhstan confirmed that they had achieved full conformity and compensation according to the schedules submitted for September.

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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