All news

Russia reduced oil production by 73,000 bpd in December — OPEC

Russia was to produce 9.574 mln bpd with consideration of all voluntary restrictions

MOSCOW, January 14. /TASS/. Russia lowered oil production by 73,000 barrels per day (bpd) to 9.304 mln bpd and lifted 270,000 bpd lower than the OPEC+ target, according to the report released by the Organization of Petroleum Exporting Countries (OPEC).

Russia was to produce 9.574 mln bpd with consideration of all voluntary restrictions. No compensation of surplus production was required in December.

Oil production in Russia is now limited by the OPEC+ agreement. The basic quota of Russia from early 2024 to March 2025 subject to voluntary restrictions totaled 8.978 mln bpd. This indicator did not include commitments to compensate surplus production during the period of voluntary constraints.

In early November 2025, eight leading OPEC+ countries agreed upon the decision to suspend production growth due to the seasonal factor for the first quarter of 2026. Oil production quotas of countries in January - March 2026 are similar to quotas for December 2025. Quotas of oil production for the period are set as 9.574 mln bpd for Russia, 10.103 mln bpd for Saudi Arabia, 4.273 mln bpd for Iraq, 3.411 mln bpd for the UAE, 2.58 mln bpd for Kuwait, 1.569 mln bpd for Kazakhstan, 971,000 bpd for Algeria, and 811,000 bpd for Oman, not accounting compensations of oil overproduction.