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Russian oil output falls in September but still above quota

Russian oil output edged down to 11.25 million barrels per day (bpd) last month from August’s 11.29 million bpd but remained above the caps set under a global production deal.

The data from the energy ministry on Wednesday was in line with numbers given by sources earlier this week.

Under the accord reached between OPEC member states and other oil producers, Russia has agreed to reduce output by 228,000 bpd from an October 2018 baseline.

OPEC, Russia and other oil producing allies, known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from the start of this year. OPEC’s share is 800,000 bpd, to be delivered by 11 members, with exemptions for Iran, Libya and Venezuela.

According to Reuters calculations, which use a tonnes/barrel ratio of 7.33, that indicates Russia should cap output at around 11.17-11.18 million bpd.

Russian Energy Minister Alexander Novak said on Monday the country’s oil output reduction totalled 200,000 bpd last month.

Russian production has been relatively high amid attacks on Saudi Arabia’s oil infrastructure, which crippled the kingdom’s output. Following the attacks, OPEC oil output fell to an eight-year low in September, a Reuters survey showed. .
Source: Reuters (Reporting by Vladimir Soldatkin; editing by David Evans)

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