Russia oil production surpasses OPEC+ quotas, pledges July compliance
Date
7/25/2024 5:11:06 AM
(MENAFN) In June, Russian oil production surpassed the quotas set by the OPEC+ group, leading the Russian energy Ministry to commit on Wednesday to adhere to the required production levels for July. The ministry emphasized that production assessments were conducted by independent sources approved by OPEC+, including international consulting firms. They also mentioned that Russia had submitted its plan to compensate for the excess production to the OPEC General Secretariat and highlighted a steady decline in oil production each month since April.
OPEC and its allies, collectively known as OPEC+ and led by Russia, have been implementing significant production cuts since late 2022. According to the OPEC+ agreement, Russia's quota for May was 8.979 million barrels per day (bpd), including additional voluntary cuts pledged by eight group members. Despite these commitments, an industry source informed that Russian Deputy Prime Minister Alexander Novak received concerns from Saudi officials during a phone call last week about Russia's excess oil production.
OPEC reported on Wednesday that Russia's total oil production increase from January to June this year was 480,000 bpd above the OPEC+ agreement. In response, Moscow has pledged to address the majority of this excess production next year. This commitment underscores Russia's ongoing efforts to align with the production targets set by the OPEC+ coalition and manage its output levels in accordance with international agreements.
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