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Chart of the Day
Bloomberg: Russia Says Crude Output Has Fallen Further Below OPEC+ Target
Summary
Russian oil production in January was 8.9 mb/d, falling 16 kb/d below the country's OPEC+ quota. This indicates compliance with the OPEC+ agreement, although Russia still needs to address past overproduction. No updated compensation schedule has been published since the pledge in December. Russia aims to cut production by 971 kb/d from a 9.9 mb/d baseline, excluding past overproduction compensation.