Russian oil output at 9.9 million bpd in October, below OPEC+ quota - Ifx

Russian oil output at 9.9 million bpd in October, below OPEC+ quota - Ifx
Russian oil output at 9.9 million bpd in October, below OPEC+ quota - Ifx   -   Copyright  Thomson Reuters 2022
By Reuters

MOSCOW – Russian oil production stood at 9.9 million barrels per day in October, Russian Deputy Prime Minister Alexander Novak said on Tuesday, according to Interfax news agency, well below the country’s quota within the OPEC+ deal.

That was in line with his previous forecast and production in September, but below Russia’s quota of 11 million bpd under the OPEC+ global accord.

The quota is set to fall to 10.5 million bpd from November, in accordance with the OPEC+ agreement.

The data excludes gas condensate, a type of light oil which usually accounts for some 8% of crude oil and gas condensate production.

Russian total oil and gas condensate output is expected to increase this year to 525-530 million tonnes (10.54 million bpd – 10.64 million bpd) from 524 million tonnes in 2021 amid OPEC+ efforts to crank up pandemic-hit production earlier this year.

Russian production is set to decline further next year to around 490 million tonnes.