Russia to Adjust Excess Oil Production, Ensures OPEC+ Compliance

Russian officials affirm no tensions with OPEC+ despite Russia exceeding oil production quotas. Ensuring adherence to agreed output levels, Russia will adjust production in the coming months. The OPEC+ meeting on August 1 is expected to be constructive, aiming to balance the oil market and address overproduction issues.

Russia has assured that it will comply with OPEC+ oil production quotas, despite recent overproduction. This was confirmed by Deputy Prime Minister Alexander Novak during a press conference in Moscow.

Novak emphasized that there were no frictions within OPEC+ and that Russia is committed to balancing the oil market. He mentioned consistent communication with Saudi Arabia and other OPEC+ partners.

The upcoming OPEC+ joint ministerial monitoring committee meeting on August 1 is expected to be constructive, focusing on the execution of agreements and market stabilization. Plans have been submitted to curb production through September 2025 to offset cumulative overproduction.