OPEC+ Grants Russia Higher Baseline Production Level

The OPEC+ alliance announced today, Tuesday, that it "has granted Russia a higher baseline level for oil production, after it agreed to work with a number of research institutions and agencies to review its production figures." It stated that "based on the latest figures, Russia's crude oil production has been adjusted to 9.949 million barrels per day for February 2023, instead of the previous 9.828 million barrels per day. This updated production level will be considered the required output from Russia starting January 2024 through December 2024." This step will assist Russia in raising production by 120,000 barrels per day or 6 million tons annually, which is sufficient to supply a small oil refinery.