In First Half of October Russia Reduced Oil Production under OPEC+ by 84% of Quota
Russia and the OPEC + countries agreed to extend the decline in oil production from July. As part of this deal, Russia is reducing oil production by 228 thousand barrels per day to the level of October 2018, when it amounted to 11.421 million barrels. Thus, compared with the baseline, Russia reduced production by 191.4 thousand barrels per day, or by almost 84% of the quota.
In total, OPEC + countries agreed to reduce oil production by 1.2 million barrels per day, of which 812 thousand barrels are in OPEC countries and 383 thousand barrels are in non-OPEC countries.
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