(Bloomberg) -- Russia’s data show crude production in November remained flat and broadly in line with its pledged level within the OPEC+ agreement, according to people familiar with figures from the Energy Ministry.
The nation produced 8.972 million barrels a day of crude last month, the people said on condition of anonymity because the figures aren’t public. That’s some 24,000 barrels a day above Russia’s November target, which also includes compensation cuts for over-producing earlier this year.
The Energy Ministry declined to comment.
Russia reports its nearly full implementation of production cuts just a day before the OPEC+ group is set to meet online and finalize plans for production policy in the first months of 2025. The issue of compliance with quotas and compensations cuts has been a focus of the OPEC+ pre-meeting talks as the alliance strives to demonstrate it can prop up the market amid concerns of a looming oversupply.
Russia has pledged to cut its crude production by a total of 971,000 barrels a day from the baseline of 9.949 million barrels a day. For November, the nation also promised to reduce output by a further 30,000 barrels a day more as part of its compensation curbs, according to a schedule published in summer. At the beginning of last month the country promised to submit an updated compensation plan to the OPEC secretariat.
Russia classified official oil output data following its invasion of Ukraine that prompted Western sanctions targeting a key industry for the nation’s economy. That left oil market watchers with just a few gauges, such as seaborne oil exports and domestic refinery runs, to follow trends in the industry.
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