Russia Assures Compliance with OPEC+ Despite Overproduction Concerns

Russian Deputy Prime Minister Alexander Novak assured that there is no friction with OPEC+ despite Russia exceeding its crude production quotas. Russia pledged to adhere to output levels in July and is in constant contact with OPEC+ partners. Plans to compensate for overproduction were submitted, focusing on market balance.

Russian Deputy Prime Minister Alexander Novak assured on Thursday that there is no friction with OPEC+ due to Russia's overproduction of crude oil. He emphasized that the world's second-largest oil exporter would compensate for its overproduction.

Novak stated that Russia's crude oil production in June exceeded the quotas set by OPEC+ but the energy ministry pledged to adhere to the required output levels in July.

According to Novak, Russia is in constant touch with its OPEC+ partners, and he expected the upcoming OPEC+ joint ministerial monitoring committee (JMCC) meeting on August 1 to be constructive. Plans have been submitted to make up for the overproduction in the first half of 2024, focusing on curbing output through September 2025.

(With inputs from agencies.)