Russia ramps up oil output but misses September OPEC+ quota

[Russian crude oil industry and oil fossil fuels embargo]

Russia lifted crude oil production in September to 9.37 million barrels a day, the highest monthly gain since April, yet still fell short of its OPEC+ target after accounting for revised compensation cuts, Bloomberg News reported Wednesday, citing its review of figures.

The increase of roughly 193,000 barrels per day highlights Moscow’s effort to boost supply, but production remained about 47,000 barrels below its September quota.

The shortfall comes as OPEC+ members gradually return barrels to the market. Russia has faced challenges meeting its obligations, with refinery disruptions from Ukrainian drone strikes forcing more crude into export channels and straining port capacity. Analysts say the situation underscores the fragility of Russia’s upstream sector, which remains under Western sanctions and offers little public data since the Kremlin classified official output figures last year.

Deputy Prime Minister Alexander Novak acknowledged that production has been lagging quotas but emphasized that output is steadily rising.

“Just as we can’t reduce production quickly, we are ramping it up gradually. We will fulfill our quota,” Novak said, as reported by Interfax.

Russia has long been one of the slower OPEC+ members to implement supply agreements. To compensate for past overproduction, it has pledged additional cuts under a revised schedule updated four times this year.

For September, that meant trimming output to 9.415 million barrels per day, slightly below the original 9.449 million-barrel target. Actual production came closer to the earlier compensation plan, which had required about 9.364 million barrels a day, Bloomberg News reported.

MORE ON CRUDE OIL FUTURES, BRENT FUTURES

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