Russia was 70,000 bpd behind OPEC+ quota in October — Novak
Business & Economy
November 19, 16:22
The official noted that Russian would increase production in November
MOSCOW, November 19. /TASS/. Russia under-utilized about 70,000 barrels per day (bpd) of oil in October from its quota within the OPEC+ agreement, Deputy Prime Minister Alexander Novak told reporters.
"Yes, [production] will be higher than in October. I cannot exactly tell you by how much, but there is an increase. Our decline was inertial and growth will also be inertial. We did not use in October, as it seems to me, about 70,000 barrels per day," Novak said.
According to the latest OPEC report, Russia was producing 99,000 bpd below the target, considering compensations and voluntary cuts.