Problems with the sale of oil due to a reduction in its purchases by India led to a drop in production in Russia for the second consecutive month in January, amounting to 9.28 million barrels per day, writes Bloomberg, citing people familiar with these data. This is almost 300,000 barrels per day less than the quota assigned to Russia within the framework of OPEC+.
The average daily reduction in production in January amounted to 46,000 barrels, after about 100,000 barrels a month earlier.
Due to the inability to fully export oil from Russia after the US imposed tariffs against India at the end of August and sanctions against “Rosneft” and “Lukoil” at the end of October, the raw material is accumulating in tankers. By the beginning of February, there were 143 million barrels of Russian oil in floating storage. This is almost twice as much as a year ago, and more than a quarter higher than at the end of November.
Previously, a sharp drop in production in Russia was observed in 2024, when it fell from 9.64 million in March to 8.97 million barrels in September. But then this was explained by a reduction in OPEC+ quotas, when the organization tried to support oil prices by limiting supply. Subsequently, until September 2025, Russia’s production volume roughly corresponded to the quota, but then the figures began to diverge: the quota increased, while production initially stagnated and then began to decline.
Currently, the quota is 9.57 million barrels per day (The Moscow Times).
