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Russia December Oil Output Flat, Signaling Lack of Capacity

  • Crude oil, condensate output was 10.903 million barrels/day
  • OPEC+ meets Tuesday to discuss output plans for February

Russia failed to boost oil output last month despite a generous ramp-up quota in its OPEC+ agreement, indicating the country has deployed all of its current available production capacity.  

With OPEC+ meeting in two days to consider output policy in the face of the fast-spreading omicron variant, Russia’s lack of growth highlights the limits of the group’s attempt to boost supply if demand continues to recover. Saudi Arabia, Iraq and the UAE can raise output, but others such as Angola, Nigeria and Kuwait are struggling to meet their quotas.