Russia’s Crude Output In October In-line With OPEC+ Target

Russian data show the nation’s crude production in October was nearly in-line with its OPEC+ quota. The country pumped 8.973 million barrels a day of crude last month, up by ~3,000 barrels a day compared with September, and just 5,000 barrels a day above the nation’s quota for the month. Russia is currently implementing two sets of curbs to its crude output: a 500,000 barrel-a-day reduction announced early last year, a s well as a 471,000 barrel-a-day cut it promised in March that will end at the end of the current year.

Back in July,…