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Russia to compensate for 30,000 bpd of surplus output within OPEC+ deal in November

According to the report, Russia’s oil production is to reach 8.938 mln bpd in November

MOSCOW, November 1. /TASS/. Russia will continue compensating for surplus oil production within OPEC+ agreements and reduce output by another 30,000 barrels per day (bpd) in November.

According to the schedule posted on the website of OPEC, Russia was to cut production by additional 10,000 bpd in October, while in November the compensated volume will total another 30,000 bpd, which means Russia’s oil production is to reach 8.938 mln bpd in November.

Later, Russia will continue compensating for insufficiently reduced production volumes from March to September 2025. All in all, Russia is to reduce production by additional 480,000 barrels per day by the end of September 2025.

Eight OPEC+ nations, including Russia and Saudi Arabia, have been voluntarily reducing output by 2.2 mln barrels per day since Q1 2024. Those countries planned to start gradual recovery of oil output from October 2024, though they rescheduled those actions by two months to December. Meanwhile OPEC+ admitted a revision of the decision on output recovery depending on market conditions.

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