Russia cuts production by 416,000 bpd in May: OPEC
Russia's oil production, according to independent sources, reached 9.533 million barrels per day (bpd) in May, which is 416,000 bpd lower than in February 2023, according to a statement published on the OPEC website.
Russia's oil production in May 2023 amounted to 9.533 million bpd, which is 0.416 million bpd lower than in February 2023, according to independent sources, OPEC said.
Russia's 2024 oil production quota under the OPEC+ deal has been raised from 9.828 million barrels per day (bpd) to 9.949 mln bpd.
Initially, at the OPEC+ meeting on June 4 in Vienna, Russia's quota for 2024 was set at 9.828 million bpd. However, the final statement noted that this level could be revised during June as Russia works with independent sources to determine the volume of production.
Thus, based on data from independent sources, the level of oil production by Russia in February 2023 was revised, which became the country's updated quota for 2024 under the OPEC+ deal.
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