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OIL: Russian Oil Production Marginally Slips Below OPEC+ Target

OIL
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Russia’s crude production slipped marginally below OPEC+ quotas in January according to sources speaking with Bloomberg.

  • Output fell to 8.962 mn bpd last month, 16,000 bpd below Russia’s OPEC+ target the sources familiar with the data said.
  • Russia has vowed to reduce crude output by 971,000 bpd from a baseline of 9.949 mn bpd. That reduction figure doesn’t include compensation for overshooting quotas in the past.
  • The latest JMMC meet reiterated that the group is focussed on monitoring the groups commitment to quotas, even shaking up secondary data providers.
  • Russia, Kazakhstan and Iraq are on compensation plans for overproduction last year. 
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Russia’s crude production slipped marginally below OPEC+ quotas in January according to sources speaking with Bloomberg.

  • Output fell to 8.962 mn bpd last month, 16,000 bpd below Russia’s OPEC+ target the sources familiar with the data said.
  • Russia has vowed to reduce crude output by 971,000 bpd from a baseline of 9.949 mn bpd. That reduction figure doesn’t include compensation for overshooting quotas in the past.
  • The latest JMMC meet reiterated that the group is focussed on monitoring the groups commitment to quotas, even shaking up secondary data providers.
  • Russia, Kazakhstan and Iraq are on compensation plans for overproduction last year.