5 Dec 2024, 14:42

Russia to boost oil production by 2.9% by January 2026 to 9.24 mbd

In the same period Saudi Arabia will boost output by 6.2% - from 8.978 mln to 9.589 mln barrels per day

MOSCOW, December 5. /TASS/. Russia under the new OPEC+ quota will be able to boost oil production from 8.978 mln barrels per day (mbd) to 9.24 mln barrels per day. Year-to-year growth totals 2.9%, according to OPEC data on new quotas approved earlier in the day.

In the same period Saudi Arabia will boost output by 6.2% - from 8.978 mln to 9.589 mln barrels per day.

In 2025, Russia’s production will start growing in April, increasing gradually each month. By September 2026 output will rise even higher - to 9.449 mbd; the country will keep this level by the end of December 2026.

Saudi Arabia will also start boosting output in April. It will reach 9.034 mbd in April and 9.978 mbd in September.

Earlier reports said that OPEC+ countries decided at a ministerial meeting to extend oil production quotas agreed for 2025 to 2026.

The alliance also extended the existing voluntary production cuts by 2.2 mbd by eight member-states until the end of Q1 2025. OPEC+ countries should then start restoring production, which will continue until the end of September 2026.

Oil production restrictions by 1.65 mbd that were to end at the turn of 2025, have been extended until the end of 2026. The next OPEC+ ministerial meeting is scheduled for May 28, 2025.

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