OPEC Says Russia Made Small Cut to Oil Output in November

Russia's crude oil output in November edged down by 7,000 barrels per day (bpd) to about 8.99 million bpd, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday, citing data from secondary sources such as consultancies.

This was broadly in line with Russia's monthly output quota of 8.98 million bpd under the OPEC+ deal and including voluntary cuts.

The OPEC+ group of oil producers includes OPEC members and others such as Russia.

Russia pledged to compensate for its overproduction since April with reductions in October and November this year and between March and September next year.

Iraq and Kazakhstan have also been pumping above targets and have promised additional cuts to compensate for their excess output.

Last week, OPEC+ pushed back the start of oil output rises by three months until April and said its planned increases would take longer to implement.

Its plans to unwind some of its output curbs have been hampered by weak demand and booming production outside the group.

Russia's production quota under the OPEC+ deal is expected to rise to 9.004 mln bpd in April and to 9.214 million bpd in December.