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OIL: Russia Crude Output Below OPEC+ Target in September

OIL
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Russia crude production was below its monthly OPEC+ target in September, according to Bloomberg sources familiar with the Energy Ministry figures.

  • Production fell 13kbpd from August to 8.97mb/d in September.
  • Russia’s baseline production target level is 9.949mb/d but with current pledged additional cuts totalling 0.971mb/d.
  • The OPEC JMMC yesterday emphasized the critical importance of achieving full conformity and compensation as Iraq, Kazakhstan, and Russia confirmed full compliance with September quotas.
  • Russia will make small compensation adjustments in October and November for overproduction earlier this year, but most extra cuts will be next summer. 

 

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Russia crude production was below its monthly OPEC+ target in September, according to Bloomberg sources familiar with the Energy Ministry figures.

  • Production fell 13kbpd from August to 8.97mb/d in September.
  • Russia’s baseline production target level is 9.949mb/d but with current pledged additional cuts totalling 0.971mb/d.
  • The OPEC JMMC yesterday emphasized the critical importance of achieving full conformity and compensation as Iraq, Kazakhstan, and Russia confirmed full compliance with September quotas.
  • Russia will make small compensation adjustments in October and November for overproduction earlier this year, but most extra cuts will be next summer. 

 

Keep reading...Show less