OPEC Reports Increase in Russian Oil Production for October

OPEC's monthly report released on Wednesday showed that Russia's oil production increased in October, with the OPEC+ group continuing to evaluate its production strategies.

According to the report, Russia's oil output rose to 9.382 million barrels per day in October, marking an increase of 47,000 barrels per day from September. However, this figure remains below its OPEC+ production quota of 9.481 million barrels per day, which reflects commitments to reduce output to offset previous increases.

This development is part of the OPEC+ agreement, which encompasses OPEC members and other oil-producing nations, including Russia. Earlier this month, the group decided to implement a modest increase in oil production for December while halting any further increases for the first quarter of the next year.

In contrast, the report noted a decline in Kazakhstan's oil production, which fell by 155,000 barrels per day to 1.707 million barrels per day. Despite this drop, Kazakhstan's output remains above its OPEC+ quota of 1.529 million barrels per day, which includes commitments to adjust for overproduction.

The report highlighted that Kazakhstan has struggled to meet OPEC+ compliance, partly due to increased output from the Tengiz oil field, which is operated by Chevron, the country's largest oil field.

These findings from OPEC illustrate the evolving production landscape among key member nations amid ongoing efforts to balance global oil supply and price stability.