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>>Russia’s oil production reached 9.368 million barrels daily in September, falling short of its OPEC+ commitment by 47,000 barrels.

Russia’s oil production reached 9.368 million barrels daily in September, falling short of its OPEC+ commitment by 47,000 barrels.

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about 16 hours ago

Russian Oil Production and OPEC+ Quotas

Russia increased crude oil production in September to 9.368 million barrels per day, the largest monthly increase since April. Despite this surge, Russia still fell short of its revised OPEC+ quota by 47,000 barrels per day. The discrepancy highlights mounting pressure on Russia to meet its commitments within the alliance. This shortfall coincides with ongoing challenges impacting Russia's refining capacity and export logistics.

Refinery Attacks and Data Transparency

Drone attacks from Ukraine have significantly reduced Russia’s crude oil processing capacity, forcing a shift toward raw crude exports. This has led to port congestion and capacity limits at major shipping terminals. Russia has classified its oil output data since the start of Western sanctions, limiting transparency and relying on external estimations. Deputy Prime Minister Alexander Novak maintains that Russia is fulfilling its commitments, despite the production gap.

US Demand and OPEC+ Adjustments

Strong US petroleum product demand reached its highest level since December 2022, exceeding expectations. Brent and WTI crude prices rose as a result of this robust demand. OPEC+ has agreed to a modest increase in November output, opting for a conservative approach to avoid a potential supply glut. The success of this new target hinges on consistent production delivery from member nations.