Russia Cuts Oil Production Below OPEC+ Cap
Amonth before OPEC and allies are set to discuss the future of their production cut deal, the leader of the non-OPEC group, Russia, appears to have finally fallen in line with its share of the cuts, producing below its OPEC+ quota for the month of May.
Russia’s oil production between May 1 and 16 averaged 11.156 million barrels per day, which means that Moscow is now below its quota under the production cut deal, Reuters reported.
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.
In the first twelve days of May, Russia’s crude oil production was said to have averaged 11.16 million bpd, although the decline in production may have been the result of restricted exports via the Druzhba oil pipeline due to a contamination issue.
Last month, Russia halted supplies via the Druzhba oil pipeline to several European countries due to a contamination issue, which the Russians say was deliberate.
source: Financial Tribune
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