Russia Boosts Oil Output But Still Can’t Meet Its OPEC+ Quota
- Crude oil, condensate output was 11 million barrels/day
- Crude-only production could be some 50,000 below quota
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Russia ramped up its oil output in January yet likely pumped below its OPEC+ quota for a second consecutive month, as the nation’s producers struggle with a lack of spare capacity.
The Organization of Petroleum Exporting Countries and its allies, including Russia, will meet Wednesday to decide on production policy for March. Delegates from about half the coalition’s members say they expect the group to ratify another 400,000 barrel-a-day supply hike.