May 7, 2025 3:58 PM IST
US Stock Market Live: Russian Crude Production Below OPEC+ Target
Russia kept its crude oil production below the nation’s OPEC+ quota in April, according to people familiar with the data.
Producers pumped 8.975 million barrels a day last month, almost unchanged from March levels, the people said, asking not to be identified because the information isn’t public. That’s 23,000 barrels a day below Russia’s target for April under the OPEC+ deal, including compensation for past overproduction.
Compliance with the supply agreement of the Organization of the Petroleum Exporting Countries and its allies has been in the spotlight in recent weeks. OPEC+ leader Saudi Arabia steered the alliance to agree on higher-than-projected output hikes in May and June to punish overproducing nations such as Kazakhstan and Iraq, warning of more supplies unless laggards fall in line.
