Ministry of Energy: in May, the Russian Federation allowed a limited excess of the agreed levels of oil production within the framework of OPEC+

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AK&M 17 July 2024 13:16

In May, the Russian Federation allowed a limited excess of the agreed levels of oil production within the framework of OPEC+. This is stated in the message of the Ministry of Energy of the Russian Federation with reference to data from independent sources agreed for monitoring.

In June, the issue of overproduction will be resolved with the achievement of target levels, the message emphasizes.

The Ministry of Energy says that the production volumes exceeded since April will be fully adjusted in the future. The excess production will be reimbursed during the compensation period, which will last until the end of September 2025.

An updated schedule of production compensation will be sent to the OPEC Secretariat in the near future.