MOSCOW, December 12. /TASS/. Russia’s crude oil production fell slightly in November 2024 - by 10,000 barrels per day (bpd) to 9.25 mln barrels per day (mbd), still outstripping the OPEC+ target considering voluntary adjustments and compensations by 270,000 bpd, the International Energy Agency (IEA) said in its December report.

Russia produced 9.25 mbd of oil in November, which is 10,000 bpd lower than in October, according to the agency. However, considering voluntary adjustments and compensations for November, the production was planned at 8.98 mln barrels per day.

OPEC said in its December report released on December 11 that Russia’s oil production plan in November was exceeded by 46,000 bpd.

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. In November, the compensation volume was planned at 30,000 barrels per day.