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Russia reduces crude output within OPEC+ deal by 84% of its quota in first half of October

October 17/ 09:11

Moscow. Russia’s average daily crude oil production amounted to 1,532 mln tonnes in the period between October 1 and 15, 2019, an increase of 2,700 tonnes year-on-year, according to the data provided by the Central Dispatching Department of the Fuel Energy Complex as of October 15.

If recalculated in barrels at coefficient value of 7.33, Russia’s average daily output totaled almost 11.23 mln barrels per day in the reporting period, a decrease of 19,700 barrels compared with September.

Russia and OPEC+ nations agreed to extend crude output reduction starting July. Russia lowers oil production by 228,000 barrels per day to the level of October 2018 when it amounted to 11,421 mln barrels within that agreement. That brings Russia’s reduction to 191,400 barrels per day compared with the baseline, or almost 84% of its quota.

All in all, OPEC+ countries agreed to reduce crude production by 1.2 mln barrels per day, of which 812,000 barrels accrue to OPEC countries and 383,000 barrels — to non-OPEC states.

 

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