Russia's Strategy to Balance Oil Production

Russia plans to compensate for its previous excess oil production by August-September, as stated by Deputy Prime Minister Alexander Novak. A possible gasoline export ban is under discussion, contingent on market prices in the coming days, reflecting strategic moves in the energy sector.

In an effort to align with international agreements, Russia aims to fully compensate for previously exceeding its OPEC+ oil production quota, according to Deputy Prime Minister Alexander Novak.

Reported by Interfax news agency, Novak highlighted that Russia is targeting August-September for this adjustment, indicating a commitment to global production standards.

Additionally, the Russian government is considering a complete ban on gasoline exports, with final decisions hinging on market prices in the near future.

(With inputs from agencies.)