Russia’s crude output falls below OPEC+ quota: Report

Russian crude oil production in February fell just below its OPEC+ quota, despite having to make additional cuts to offset the previous oversupply, Bloomberg reported, cited sources as saying.

Output averaged 8.964 million barrels per day (bpd)last month, the sources said. That is 14,000 bpd below Russia’s target under the OPEC+ supply agreement.

Despite Moscow's recent compliance towards the oil alliance, it must still make additional cuts to compensate for previously high production, as it and several other OPEC+ member countries have confirmed plans to continue with production offsetting by June.

Meanwhile, the OPEC+ alliance is set to start boosting production starting from April, as the voluntary cuts of 2.2 million bpd will be cancelled by late 2026.