Russia Pledges to Compensate for Exceeding OPEC+ Crude Oil Quotas

Russian Deputy Prime Minister Alexander Novak assured that Russia will compensate for exceeding crude oil production quotas set by OPEC+ partners. Despite the overproduction in June, the energy ministry pledged to adhere to required levels in July. Novak maintained that there is no friction with OPEC+ partners.

Russia will compensate for exceeding crude oil production quotas set by OPEC+ partners, according to Russian Deputy Prime Minister Alexander Novak. Speaking to reporters on Thursday, Novak confirmed that the country’s crude oil production in June had surpassed the quotas established by the OPEC+ group.

Despite the surplus, the energy ministry has vowed to comply with the required output levels in July. Novak played down the overproduction issue, labeling it minor, and emphasized that Russia remains in regular communication with its OPEC+ partners.

Looking ahead, Novak expects the upcoming OPEC+ Joint Ministerial Monitoring Committee (JMCC) meeting on August 1 to be constructive, reiterating that there is no discord with their international counterparts. 'We have no friction,' Novak stated. 'We are in constant contact with our colleagues.'