Russia cut crude oil output in August by about 0.3% from July to 9.059 million barrels per day (bpd), the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday, citing data from secondary sources such as consultancies.

This was still slightly above the quota agreed by the OPEC+ group of leading oil producers.

The OPEC+ group of producers, comprising OPEC and allies including Russia, has made a series of deep output cuts since late 2022 to prop up the volatile oil market.

Under OPEC+ deals and voluntary cuts, Russia’s monthly quota for June to September stands at 8.98 million bpd.

Russia has pledged to compensate for its overproduction since April with reductions in October and November this year and between March and September next year.
Source: Reuters (Reporting by Olesya Astakhova and Vladimir Soldatkin, Editing by David Goodman)