Russian oil production rose in October to 9.382 million barrels per day, up 47,000 bpd from September, as the world’s leading oil producing countries continued to ramp up production, OPEC monthly data showed on Wednesday.
That is below 9.481 million bpd of Russia’s OPEC+ output quota for October, including obligations to cut output for overproduction in previous periods.
OPEC+, the group comprising the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers, earlier this month agreed a small oil output increase for December and a pause in increases in the first quarter of next year.
In its monthly report, OPEC also said Kazakhstan’s oil output last month declined by 155,000 bpd to 1.707 million bpd, still above its quota set by OPEC+ for October of 1.529 million bpd including the obligations to compensate for overproduction.
Kazakhstan has been one of the main laggards in the OPEC+ deal due to an increase in output at the Chevron-led Tengiz oilfield, the country’s largest.
(Reporting by Vladimir Soldatkin and Olesya Astalhova, Editing by Louise Heavens)