Russia’s Crude Output Dips Below OPEC+ Target ...Middle East

Russia’s crude output fell to 8.962 million barrels a day in January, 16,000 barrels a day below its target under the OPEC+ supply agreement. Russia pledged to submit an updated schedule for oil production cuts to compensate for past overproduction, though none has been published. The country’s harsh winters and the geology of its oil fields can make it hard to cut output. That said, Russian refineries are processing more crude oil in the hope of boosting fuel exports after the Biden administration imposed fresh sanctions on Russian…

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