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OIL: Russia Oil Output Edges Closer to OPEC+ Target in July

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Russia made further oil output cuts in July to edge closer to its OPEC+ target according to Bloomberg sources citing Energy Ministry data.

  • Production fell 33kbpd from June to 9.045mbpd in July and about 67kbpd above Russia’s output target agreed with OPEC+. 
  • Last month, the ministry pledged that Russia “will resolve the overproduction issue in July and will fully meet its requirements.”
  • Russia aims to compensate for previous overproduction of almost 15mbbl between Oct and Nov 2024 and from March to Sept 2025. Overproducers Iraq and Kazakhstan have also pledged to compensate for output above target through to Sept 2025.
  • The Energy Ministry now reports oil output in barrels per day and appears to be using a ton-to-barrel ratio at the lower end of the range of traditional conversion factors used.

 

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Russia made further oil output cuts in July to edge closer to its OPEC+ target according to Bloomberg sources citing Energy Ministry data.

  • Production fell 33kbpd from June to 9.045mbpd in July and about 67kbpd above Russia’s output target agreed with OPEC+. 
  • Last month, the ministry pledged that Russia “will resolve the overproduction issue in July and will fully meet its requirements.”
  • Russia aims to compensate for previous overproduction of almost 15mbbl between Oct and Nov 2024 and from March to Sept 2025. Overproducers Iraq and Kazakhstan have also pledged to compensate for output above target through to Sept 2025.
  • The Energy Ministry now reports oil output in barrels per day and appears to be using a ton-to-barrel ratio at the lower end of the range of traditional conversion factors used.

 

Keep reading...Show less