Russia Set to Overshoot Oil Quota Yet Again Ahead of OPEC+ Talks - Bloomberg

Russia Set to Overshoot Oil Quota Yet Again Ahead of OPEC+ Talks - Bloomberg:

Russia, OPEC’s largest ally in a deal to cut oil production, is once again failing to keep its side of the bargain. 

The country pumped 39.884 million tons of crude and condensate from Nov. 1 to Nov. 26, according to Energy Ministry CDU-TEK data seen by Bloomberg. That equals a daily average of 11.244 million barrels -- based on a 7.33 barrels-per-ton ratio -- which is 54,000 more than its OPEC+ cap.

Assuming no sharp cut in output in the remaining four days of the month, November will become the eighth month this year of non-compliance by Russia. That leaves the country in an awkward position ahead of ministerial talks with other members of the OPEC+ coalition in Vienna next week, where de facto leader Saudi Arabia is likely to lean on laggards to adhere to the agreement.