Page 118 - RusRPTJan23

OPEC+ countries in November 2022 reduced oil production by 480,000 barrels per day (bpd) instead of the planned 2mn bpd, the International Energy Agency (IEA) says in its December report. The real reduction in oil production by the alliance amounted to only a quarter of the planned volume.
The volume of oil production by the members of the alliance decreased by 480,000 bpd compared to October, to 38.38mn bpd. At the same time, the target level of production by OPEC+ countries for November was 40.1mn bpd. That means that the production vs target indicator was at -1.72mn bpd.
In November, Russia was able to increase oil production (excluding gas condensate) by 90,000 bpd to 9.81mn bpd, but still produces by 670,000 bpd below the target.
Meanwhile, Saudi Arabia reduced production by 420,000 bpd to 10.48mn bpd, having fully fulfilled its obligations under the OPEC+ deal.
At a meeting on October 5, the countries participating in the OPEC+ deal agreed to reduce production by 2mn bpd from November, and also extended
118 RUSSIA Country Report January 2023 www.intellinews.com