MOSCOW, April 14. /TASS/. In March, Russia reduced its oil production by 10,000 barrels per day (bpd) to 8.963 mln bpd, yet still exceeded the OPEC+ quota - taking into account both compensation commitments and voluntary cuts - by 10,000 bpd, according to data published in the April report of the Organization of the Petroleum Exporting Countries (OPEC).
Under the OPEC+ agreement Russia was expected to produce 8.953 mln bpd in March, including all voluntary reductions and obligations to compensate for previous overproduction. Russia is required to offset 25,000 bpd of excess production, making the actual output 10,000 bpd above the agreed level.
In contrast, in February, Russia produced below its OPEC+ target by 5,000 bpd, reaching 8.973 mln bpd. According to OPEC data, Russia’s oil production in January stood at 8.977 mln bpd, while the average output for the Q1 of 2025 was 8.971 mln bpd.
At present, oil production in Russia is constrained by the OPEC+ agreement. From the beginning of 2024 through March 2025, Russia’s baseline production quota, including voluntary restrictions, stands at 8.978 mln bpd. This figure does not take into account the commitments to offset previously overproduced volumes.
Starting in April 2025, Russia will begin gradually increasing its production in accordance with the OPEC+ plan. The quota will rise incrementally each month and is expected to reach 9.24 mln bpd by the end of the year. By September 2026, output is projected to reach 9.449 mln bpd - a level that Russia will maintain through the end of December 2026.