Russia Oil, Gas Production Exceeds OPEC Pact

Russia Oil, Gas Production Exceeds OPEC Pact

Russian oil and gas production has edged to 9.93 million barrels per day (mmbbl/d) in September, slightly exceeding its Organization of Petroleum Exporting Countries and its allies (OPEC+) quota, according to Reuters.

As per OPEC’s production deal, Moscow’s quota is now 9 mmbbl/d of oil. The deal does not however include condensate, of which Russia contributes 700,000-800,000 barrels per day (bbl/d).

September’s production is slightly up on August’s production of 9.86 mmbbl/d.

The increase followed a decision by OPEC+ to ease curbs on the output to 7.7 mmbbl/d from 9.7 mmbbl/d from August through to December. Starting from January, production cuts are expected to be cut back by a further 2 mmbbl/d.


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