OPEC says Russian oil output broadly stable in October

MOSCOW: Russia’s crude oil output edged up in October by 9,000 barrels per day (bpd) to about 9.01 million bpd, the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday, citing data from secondary sources such as consultancies.

This was slightly above the quota agreed by the OPEC+ group of leading oil producers, which includes OPEC and allies such as Russia. Under OPEC+ deals and voluntary cuts, Russia’s monthly quota stands at 8.98 million bpd.

More to Read: Record-breaking bitcoin surges towards $90,000 on Trump boost

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.

Countries’ compliance with agreed output curbs by OPEC+ has been in focus, particularly that of Iraq and Kazakhstan, which have been pumping above targets and have promised additional cuts to compensate for the excess.

Last week, Deputy Prime Minister Alexander Novak said Russia will stick to its commitments to the OPEC+ group and had reached its promised oil output level of 9 million bpd.