• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 29 mins OPEC will consider all options. What options do they have ?
  • 3 hours What to tell my students
  • 6 mins Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 1 hour NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 8 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 7 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 3 hours With Global Warming Greenland is Prime Real Estate
  • 40 mins China Threatens to Withhold Rare Earth Metals
  • 21 hours Russia Accuses U.S. Of Stoking Tensions With Missile Test
  • 16 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 15 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 12 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 17 hours Flaring is at Record Highs in Texas
Alt Text

A Limited Risk Play In A Shaken Market

Recession fears tanked stock markets…

Alt Text

Is Renewable Hydrogen A Threat To Natural Gas?

SoCalGas and German Electrochaea have…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Is Russia Cheating On The OPEC Deal?

After three months of steady output, Russia’s crude oil production increased in March to 10.97 million bpd, the highest level since April 2017, as the top two Russian companies boosted their production.

According to data by the Russian Energy Ministry, Russian oil production in March was 46.39 million tons, or 10.97 million bpd, up from 41.85 million tons in February, or 10.95 million bpd.

The March production level showed the first increase since December 2017, and is slightly above Russia’s quota in the production cut deal. Russia’s pledge in the OPEC/non-OPEC deal is to shave off 300,000 bpd from its October 2016 level, which was the country’s highest monthly production in almost 30 years—11.247 million bpd.

Last month, the two largest Russian oil producers, Rosneft and Lukoil, both raised their production by 0.1 percent compared to February, according to energy ministry data, carried by Reuters. On the other hand, production from projects under production sharing agreements (PSAs) dropped by 0.6 percent in March.

The Russian compliance with the OPEC/non-OPEC deal last month was at 93.4 percent, Energy Minister Alexander Novak said on Monday, explaining the lower compliance with seasonality on the domestic market. Still, Novak reiterated that his country was committed to achieving the oil market rebalancing. Related: An Oil Price Rally Is Likely

Earlier this month, Novak once again confirmed that Russia would continue to comply with the OPEC/non-OPEC deal until the end of this year and even into 2019 if need be.

Novak added, however, that Russia is also on board with an earlier end to the deal, should its partners decide it was the best course of action to follow.

The latest chatter coming from OPEC is that it is fully committed to erasing the global glut. In addition, Saudi Crown Prince Mohammed bin Salman said last week that Saudi Arabia and Russia were looking to solidify their cooperation on crude oil production for another decade or two.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • LM on April 03 2018 said:
    Please clarify you're numbers. I don't see how 20kbod constitutes cheating, maybe it's seasonal production swing that will be compensated with -40 kbod for a month during some shutdowns.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play