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Russian oil production rose by 112,600 b/d in October, which was broadly in line with the plan for steady monthly increases in Opec-plus output. Preliminary Russian data showed that the country's combined output of crude oil and gas condensate rose to 10.828 million b/d in October from 10.715 million b/d in September. Opec-plus has been raising its joint production ceiling in monthly increments of 400,000 b/d since August, with the alliance's two biggest producers — Saudi Arabia and Russia — each allocated a 100,000 b/d share of those monthly increases. However, the Opec-plus production ceilings are based on crude production alone and exclude condensate. Russia typically announces the breakdown of its production into crude oil and condensate a few days after it releases the combined total. Since Opec-plus launched its current supply management scheme in May of last year, Russia has typically exceeded its official production ceiling and the other members of the alliance have essentially turned a blind eye to this. The country's Opec-plus ceiling for crude production alone was set at 9.813 million b/d for October and is set to rise to 9.913 million b/d in November.

Oil Supply, Opec-Plus Supply
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