Oil production in Russia in July 2024 decreased compared to June, but exceeded OPEC+ targets by 67 thousand barrels per day due to one-time problems with the supply schedule. The production level in August and September should correct this, the Ministry of Energy said in a statement.
Russia, as previously agreed, will compensate for the excess production from April 2024 during the compensation period distributed between October and November 2024, as well as from March to the end of September 2025.
The Ministry of Energy emphasizes that the Russian Federation confirms its commitment to the compensation schedule, which was previously submitted to the OPEC Secretariat and calls on other OPEC+ countries that have submitted their compensation plans to adhere to it.
