Russia Oil Production Dips
Russia’s crude oil production averaged 11.16 million bpd in the first twelve days of May, Oil Price reported on Tuesday, citing two industry sources, which means that Moscow is finally within its cap under the OPEC+ deal.
As part of the OPEC+ production cuts between January and June, Russia is taking the lion’s share of the non-OPEC cuts and pledged to reduce production by 230,000 bpd from October’s post-Soviet record level of 11.421 million bpd, to 11.191 million bpd.
Russia’s crude oil production stood at around 11.24 million bpd in the first half of April, meaning that the leader of the non-OPEC group part of the OPEC+ deal had yet to fall in line with the pledged production cuts.
For the full month of April, Russian crude oil production averaged 11.23 million bpd, down from 11.3 million bpd in March, but still above the quota that Russia had pledged under the deal with OPEC to curb oil supply.
Moscow has repeatedly said that due to weather and geological conditions in the cold Russian winter, it cannot cut its oil production too quickly.
source: SteelMint
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