Overview

• OPEC’s September report puts Russia’s crude output at 9.321 million bpd, up 148,000 bpd from August.
• The OPEC+ planned level for Russia was 9.415 million bpd, leaving output 94,000 bpd below plan after accounting for voluntary cuts and compensation.
• Russia had a 34,000 bpd compensation requirement in September for earlier excess production under the pact.
• OPEC+ output increased by 630,000 bpd in September as the group completed unwinding 2.2 million bpd of cuts that began in April, led by Saudi Arabia’s 248,000 bpd rise to 9.961 million bpd.
• In August, Russia was 86,000 bpd below its OPEC+ allocation, showing it has lately run below plan.