Russia surpasses OPEC+ oil output quotas, pledges compliance in coming months

(MENAFN) In July, Russia's oil production surpassed the quotas established by the OPEC+ alliance, marking the second consecutive month of exceeding the agreed-upon levels. Although the country's output in July was slightly lower than in June, it still exceeded the target by approximately 67,000 barrels per day. This overproduction was attributed to one-time issues in the supply schedule, according to the Russian energy Ministry. In response, the ministry pledged on Friday to align future production with the OPEC+ agreement, stating that it would make up for the excess in August and September.

The situation mirrors what occurred in June, when Russian oil production also exceeded the OPEC+ quotas. At that time, the Russian Energy Ministry assured that it would meet the required production levels in July. The ministry emphasized that the June production figures were evaluated by independent sources accredited by OPEC+, including international consulting firms. Additionally, the ministry confirmed that Russia had provided the OPEC General Secretariat with a timetable for compensating for the excess production and noted that the country's oil output has been on a monthly decline since April.

This overproduction comes despite OPEC+ implementing a series of significant production cuts since late 2022, aimed at stabilizing global oil markets. Under the OPEC+ agreement, Russia's designated production share was set at 8.979 million barrels per day in May, which included additional voluntary cuts pledged by eight members of the group. Russia's commitment to adhere to the agreed production levels in the coming months is crucial as the country continues to navigate the complexities of the global oil market alongside its OPEC+ partners. 

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