Russian oil production rises in March amid a more generous OPEC+ quota – Bloomberg

Russia’s output of crude and condensate rose to 43.34 million tons in March, thanks to the more generous OPEC and its allies (OPEC+) quota, Bloomberg reports, citing preliminary data from the Energy Ministry’s CDU-TEK unit.

Key takeaways

That equates to 10.249 million barrels a day, based on a 7.33 barrel-per-ton conversion ratio, or 1.3% more than in February.

Russia’s quota rose by 65,000 barrels a day in March, having increased by the same amount in February, and will grow another 130,000 barrels a day in April. Saudi Arabia voluntarily took 1 million barrels a day from the market.

This comes a day after OPEC+ agreed on a deal to gradually increase production from May to July, adding a total of more than 2 million barrels a day to global supplies.

Read: WTI finishes the week nearly 1% higher, holds above $61 after OPEC+ output policy