Russia’s oil producers cut their output deeper in February as the nation strives to implement an agreement with OPEC following criticism that it was moving too slowly.
The country produced 43.3 MMt of oil last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s equivalent to 11.336 MMbopd, down 82,000 bpd from the October baseline of the OPEC+ deal, Bloomberg calculations show.
The nation curtailed its January supply by about 47,000 bopd from the baseline, according to the Energy Ministry. Russia pledged to gradually implement a 228,000 bopd reduction and maintain it until the end of the first half.
While members of the Organization of Petroleum Exporting Countries have largely stuck to their output caps, compliance among their non-OPEC allies, of which Russia is the biggest, has been less strict. Nevertheless, Russia remains committed to its obligations and will reach the targeted level of cuts by early April, Energy Minister Alexander Novak said this week in an interview with Gazeta.Ru.