• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 17 mins More dumbed down? re Hong Kong Act of Congress
  • 21 hours EU has already lost the Trump vs. EU Trade War
  • 16 mins U.S. Shale Output may Start Dropping Next Year
  • 51 mins Winter Storms Hitting Continental US
  • 2 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 41 mins Aramco IPO magic trick
  • 24 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 19 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 5 hours Petroleum Industry Domain Names
  • 2 hours Crazy Stories From Round The World
  • 1 day Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 20 hours PennEast Appealing Wacky 3rd Circuit Decision to Supreme Court
  • 1 day Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 1 day Last I Checked
  • 20 hours China 2019 - Orwell was 35 years out

Breaking News:

UK Oil Sector May Be Hit With More Taxes

Chesapeake Isn’t Dead Yet…

Chesapeake Isn’t Dead Yet…

Chesapeake, one of the hardest…

Russia Nears 100% Compliance With Oil Production Target

Putin

Russia’s oil production inched down to 11.23 million barrels per day (bpd) in the first half of October, official Russian data showed on Wednesday, yet Moscow is still several thousand barrels above its quota under the OPEC+ production cut deal.

In the first two weeks of October, Russia’s production dropped by 19,700 bpd from September, to average 11.23 million bpd, which is still above Russia’s production ceiling of 11.191 million bpd in the OPEC+ deal.

Moscow’s compliance rate with its share of the cuts is nearly 84 percent so far this month, news agency TASS has estimated.

Russia is taking the lion’s share of the non-OPEC cuts under the agreement, vowing to reduce production by 230,000 bpd from a very high level of 11.421 million bpd it pumped in October last year.

The leader and the largest non-OPEC producer in the pact saw its oil production edge down in September, to 11.25 million bpd from 11.29 million bpd in August, but still above Moscow’s cap under the deal.

Russia has vowed that it is still looking to comply with its share of the cuts.

Related: What Trump’s “Baffling Decision” Means For The Saudi-Iran Crisis

On the sidelines of a Saudi-Russian forum earlier this week, Russian Energy Minister Alexander Novak reiterated that Russia is committed to complying 100-percent with the cuts through the end of the year. Russia will comply at 100 percent with its share of cuts as early as in October, Novak said.

At the same forum, Novak said that OPEC and its Russia-led non-OPEC partners in the production cut pact are currently not discussing changing the terms of their agreement, which expires in March 2020.

But in view of the gloomy outlook on global economic and oil demand growth, OPEC and Russia may need to deepen the cuts.

OPEC Secretary General Mohammad Barkindo said last week that all options are on the table, including a deeper cut from OPEC and its allies in December.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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