MOSCOW, November 14. /TASS/. Russia increased its oil production by 50,000 barrels per day (bpd) in October 2024 to 9.2 mln barrels per day (mbd), outpacing the OPEC+ plan considering voluntary adjustments and compensations by 230,000 bpd, the International Energy Agency (IEA) said in its November report.
Russia produced 9.2 mbd of oil in October, which is 50,000 bpd higher than in September, according to the agency. However, considering voluntary adjustments and compensations planned for October, output was to total 8.97 mbd.
In its November report released on November 12, OPEC published data, according to which Russia’s oil production target was only exceeded by 42,000 bpd in October.
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. In October, the compensation volume was expected at 10,000 barrels per day.