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OPEC states Russia made little cut to oil output in November

Russia's crude oil output in November edged down by 7,000 barrels per day (bpd) to about 8.99 million bpd, the Company of the Petroleum Exporting Nations (OPEC) said on Wednesday, citing data from secondary sources such as consultancies.

This was broadly in line with Russia's monthly output quota of 8.98 million bpd under the OPEC+ offer and including voluntary cuts.

The OPEC+ group of oil manufacturers consists of OPEC members and others such as Russia.

Russia promised to compensate for its overproduction because April with reductions in October and November this year and between March and September next year.

Iraq and Kazakhstan have likewise been pumping above targets and have actually promised extra cuts to compensate for their excess output.

Recently, OPEC+ pushed back the start of oil output rises by three months up until April and said its scheduled increases would take longer to execute.

Its plans to relax some of its output curbs have been obstructed by weak demand and flourishing production outside the group.

Russia's production quota under the OPEC+ offer is expected to increase to 9.004 mln bpd in April and to 9.214 million bpd in December.

(source: Reuters)