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Russian oil output continues to rise on growing OPEC+ quotas


Nov. output up 0.4% on month at 10.89 mil b/d

Little spare capacity remaining in Russia

OPEC+ group to discuss future output volumes Dec. 2

Russia produced 44.56 million mt, or around 10.89 mil b/d of crude and condensate in November, according to data released by the Central Dispatching Unit of the Russian Energy Ministry Dec. 2.

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Russian production volumes have risen over the last year in line with increases to OPEC+ quotas. The group has been relaxing production cuts in response to growing demand and recovering markets amid vaccine rollouts and governments easing lockdowns.

Daily average output was up on 10.85 mil b/d in October. Total production volumes in October were 45.91 mil mt.Output was up 8.6% on the 41.03 mil mt, or 10.03 mil b/d in November 2020.

OPEC+ next meets Dec. 2 to discuss market conditions and future production volumes amid concerns over the potential impact of the omicron coronavirus variant, declining spare capacity and the impact of coordinated release of strategic reserves.

These concerns have hit oil prices. Prices for Russia's key crude grade Urals fell significantly in November. S&P Global Platts assessed Urals CIF Med at $68.56/b on Nov. 30, down 18% on Nov. 1. Much of this drop came after Nov. 24 when warnings about the new omicron variant of coronavirus began to emerge.

Russian production data doesn't include a breakdown for crude and condensate, which is excluded from the OPEC + deal. Condensate usually accounts for around 8% of Russia 's overall output.

Russia's quota under the agreement for November was 9.914 mil b/d, up from 9.809 mil b/d in October. It's December quota rises to 10.018 mil b/d.


Russia's crude and condensate exports were 18.31 mil mt, or 4.47 mil b/d, up 9.2% on November 2020 volumes of 16.76 mil mt, or 4.09 mil b/d. Daily average deliveries were down 2.6% on deliveries of 4.59 mil b/d in October. Total October export volumes were 19.43 mil mt.

Russian domestic deliveries amounted to 24.02 million mt, or 5.68 million b/d, in October. This was down 0.5% compared with September volumes of 23.37 million mt, or 5.71 million b/d.

Domestic shipments were 24.29 mil mt, or around 5.93 mil b/d. Daily average deliveries were up on October 2021 shipments of 5.72 mil b/d. Total October deliveries were 24.17 mil mt.

Domestic shipments were up 8% on November 2020 volumes of 22.47 mil mt, or 5.49 mil b/d.