Russia February Oil Output Falls Despite Increase in OPEC+ Quota
- Production drops to 10.093 million barrels a day on Feb. 1-25
- OPEC+ meets next week to discuss supply levels beyond March
An oil processing and refining complex in Pancevo, Serbia
Photographer: Oliver Bunic/BloombergThis article is for subscribers only.
Russia’s oil output has dipped below its OPEC+ target in February amid abnormally cold weather, meaning the country failed to take full advantage of a more generous quota.
The nation pumped an average of 1.377 million tons a day of crude and condensate on average from Feb. 1 to 25, according to data from the Energy Ministry’s CDU-TEK unit that was seen by Bloomberg.