Russian oil output edged further down in September, says OPEC
CHIGOZIE AMADI
Russia cut crude oil output in September by 28,000 barrels per day (bpd) to about 9 million bpd, the Organization of the Petroleum Exporting Countries (OPEC) said on Monday, citing data from secondary sources such as consultancies.
According to Reuters report, this was slightly above the quota agreed by the OPEC+ group of leading oil producers. Under OPEC+ deals and voluntary cuts, Russia’s monthly quota stands at 8.98 million bpd.
Production in August was revised down to 9.029 million bpd from 9.059 million bpd initially reported in September.
The OPEC+ group of producers, comprising OPEC and allies including Russia, has made a series of deep output cuts since late 2022 to prop up the volatile oil market, agreeing to production quotas for its member countries.
OPEC has named Russia, Kazakhstan and Iraq among the countries which produced oil above the quotas.
Russia has pledged to compensate for its overproduction since April with reductions in October and November this year and between March and September next year.
