Moscow — Russian oil production rose in September to 9.321 million barrels per day, up 148,000 bpd from August, as the world’s leading oil producing countries continued to ramp up production, OPEC monthly data showed on Monday.
Last month’s production was still below Russia’s OPEC+ output quota for September of 9.415 million bpd, however.
OPEC+, the group comprising the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers, has increased its oil output targets by more than 2.7 million bpd this year, equating to about 2.5% of global demand.
The shift in policy after years of cuts is designed to regain market share from rivals such as U.S. shale producers.
Deputy Prime Minister Alexander Novak said last week that Russia had been gradually raising its oil production.
In its monthly report, OPEC also said Kazakhstan’s oil output last month edged down by 26,000 bpd to 1.840 million bpd, still above its quota set by OPEC+ for September of 1.550 million bpd.
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 Jan Harvey – Reuters
