Russia admits exceeding OPEC+ production quotas in April due to technical glitches
Date
5/23/2024 4:24:57 AM
(MENAFN) The Russian energy Ministry announced on Wednesday that the country had exceeded its production quotas under the OPEC+ agreements in April, attributing the overproduction to "technical reasons." In a statement, the ministry emphasized Russia's firm commitment to the OPEC+ agreements and outlined its intention to submit a plan to the OPEC General Secretariat detailing how it would compensate for this deviation.
According to the ministry, Russia adhered to the OPEC+ production quotas throughout the first quarter of 2024. However, the surplus production observed in April was attributed to technical challenges associated with a significant reduction in production levels. The statement reassured that the overproduction was minor and that Russia remains dedicated to the agreed-upon voluntary production limits.
Russia is a key member of OPEC+, a coalition that includes members of the Organization of the Petroleum Exporting Countries (OPEC) and other major oil-producing nations that collaborate on production cuts to stabilize the global oil market. The Russian Energy Ministry's proactive approach in addressing the overproduction highlights the country’s commitment to maintaining the balance and integrity of the OPEC+ agreements.
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