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MOSCOW, December 11. /TASS/. Russia cut oil production slightly in November 2024 – by 7,000 barrels per day (bpd) to 8.994 million bpd, but still exceeded the plan under the OPEC+ deal, taking into account voluntary reductions and offsets by 46,000 bpd, as follows from the data presented in OPEC’s December report.

In November, Russia would produce 8.978 million barrels per day of oil (taking into account all voluntary reductions and another 30,000 barrels per day of compensation for uncut volumes). Thar means that the oil production plan was exceeded by 46,000 barrels per day.

According to OPEC data, oil production in Russia was 9.029 million barrels per day in August, 9.001 million barrels per day in September and 9.01 million barrels per day in October. The average production level was 9.426 million barrels per day in the first quarter, 9.216 million barrels per day in the second quarter and 9.037 million barrels per day in the third quarter.

Currently, oil production in Russia is limited by the OPEC+ deal. Taking into account voluntary reductions and compensations in the last months of this year, production amounts to 8.978 million barrels per day.

Russia is expected to increase production next year. From April onwards, this figure will gradually increase during each of the months and reach 9.24 million barrels per day by the end of the year.

In September 2026, production will increase to 9.449 million barrels per day, the country will maintain this level until the end of December 2026.