MOSCOW, December 11. /TASS/. Russia slightly reduced oil production in November 2024 - by 7,000 barrels per day (bpd), to 8.994 million bpd, but still exceeded the plan under the OPEC+ deal, taking into account voluntary reductions and compensations by 46,000 bpd, as follows from the data presented in the December report by OPEC.

In November, Russia was supposed to produce 8.978 mln bpd of oil (taking into account all voluntary reductions and another 30,000 bpd of compensation for uncut volumes). Thar means that oil production plan was exceeded by 46,000 bpd.

According to OPEC data, oil production in Russia was 9.029 mln bpd in August, 9.001 mln bpd in September, 9.01 mln bpd in October. The average level of production was 9.426 mln bpd in the first quarter, 9.216 mln bpd in the second quarter and 9.037 mln bpd in the third quarter.

At the moment, oil production in Russia is limited by the OPEC+ deal. Taking into account voluntary reductions and compensations in the last months of this year, the production totals 8.978 mln bpd.

Next year, Russia is expected to start increasing output. From April, this figure will gradually increase during each of the months, reaching 9.24 mln bpd by the end of the year.

By September 2026, production will increase to 9.449 mln bpd, the country will maintain this level until the end of December 2026.