Russia Nears 100% Compliance With Oil Production Target

Russia’s oil production inched down to 11.23 million barrels per day (bpd) in the first half of October, official Russian data showed on Wednesday, yet Moscow is still several thousand barrels above its quota under the OPEC+ production cut deal. In the first two weeks of October, Russia’s production dropped by 19,700 bpd from September, to average 11.23 million bpd, which is still above Russia’s production ceiling of 11.191 million bpd in the OPEC+ deal. Moscow’s compliance rate with its share of the cuts is nearly 84 percent…