OPEC Reports Increase in Russian Oil Production to Over 9.3 Million Barrels per Day in October

Recent monthly data released by OPEC on Wednesday reveals that Russian oil production has increased in October, as the OPEC+ group continues to review its production policies.

According to the data, "Russian oil production rose to 9.382 million barrels per day in October, an increase of 47,000 barrels per day compared to September." Despite this rise, production remains below the OPEC+ quota of 9.481 million barrels per day for October, which includes commitments to reduce output to offset previous increases.

This increase is part of the OPEC+ agreement, which includes OPEC member states as well as Russia and other oil-producing countries. Earlier this month, the group agreed to a slight increase in oil production for December, while deferring further increases until the first quarter of next year.

In contrast, the report highlighted the performance of another key member, Kazakhstan, where "oil production fell by 155,000 barrels per day to 1.707 million barrels per day last month." Despite this decline, Kazakhstan's output remains above the OPEC+ target of 1.529 million barrels per day, which includes commitments to compensate for overproduction.

The report noted that "Kazakhstan was one of the main countries not fully complying with OPEC+ agreements," attributed to production increases at the Tengiz oil field, which is operated by Chevron and is the largest oil field in the country.

These OPEC-released figures illustrate the shifting production dynamics among leading members of the alliance as the global market seeks a balance between supply demands and price stability.