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Russia Nears 100% Compliance With Oil Production Target

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

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