MOSCOW (Pakistan Point News / Sputnik - 14th January, 2021) Russia pumped 9.28 million barrels a day (mbd) last month, meaning that its compliance with the OPEC+ oil cuts agreement likely stood at 86 percent, the figures from the fresh OPEC report indicated on Thursday.
"Preliminary data for Russia's liquids production in December shows an increase of 0.04 mb/d month-on-month for an average of 10.18 mb/d. This is lower by 1.29 mb/d year-on-year. Crude oil production in December averaged 9.28 mb/d, an increase of 0.04 mb/d m-o-m," the report read.
Last month, Russia slashed 1.72 mbd from the 2.007 mbd it is required to cut as part of the OPEC+ agreement, therefore its compliance likely stood at 86 percent, according to the figures from the OPEC report.
At the same time, OPEC has revised down forecast for Russia's oil production in 2021 by 67,000 barrels a day.�
"For 2021, Russian producers will face the challenge of higher taxes following reforms approved this year, labeled as the biggest in the country since 2002. Hence, Russian liquids supply, mainly due to the crude oil production adjustments for 2021, was revised down by 67 tb/d and is forecast to drop by 0.21 mb/d, y-o-y, to average 10.21 mb/d," the report read.�
