MOSCOW, February 12. /TASS/. Russia’s crude oil production went down by 27,000 barrels per day (bpd) in January 2025 to 8.977 mln barrels per day (mbd). Meanwhile the country exceeded the OPEC+ target considering voluntary cuts and compensations by 1,000 bpd whereas last December it exceeded its quota by 6,000 bpd, according to OPEC February report.
Russia’s production was planned at 8.978 mbd of oil in January considering all voluntary cuts, which means that the oil output target was exceeded by 1,000 bpd.
Russia’s oil production totaled 9.01 mbd in November 2024, and 9.004 mbd in December, according to OPEC. Output averaged 9.250 mbd in Q2 2024, 9.058 mbd in Q3, and 9.015 mbd in Q4.
Currently Russia’s oil production is limited by the OPEC+ agreement. Considering voluntary cuts and compensations output has equaled 8.978 mbd in recent months of this year.
In 2025, Russia is to start boosting production from April according to plan, with output to increase gradually each month, reaching 9.24 mbd by the end of the year.
Output is planned to rise to 9.449 mbd by September 2026 and remain at that level by the end of December 2026.