Russia's oil production in July exceeded the quotas set by the OPEC+ alliance. But the Russian Energy Ministry pledged on Friday to stick to the supply schedule set by the alliance.
Russia's production in July fell compared to June, but exceeded targets by about 67,000 barrels per day due to one-off supply schedule problems.
The Russian Energy Ministry said it would compensate for this with production levels in August and September.
In June, Russian oil production also exceeded the quotas set by OPEC+, but the Russian Energy Ministry pledged on Wednesday to stick to the required production level in July.
The ministry said in June that the production level was assessed by independent sources approved by OPEC+, including international consulting firms.
It explained that Russia had sent its timetable for the plan to compensate for overproduction to the OPEC General Secretariat and that its oil production had been declining every month since April.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, have agreed to a series of large production cuts since late 2022. Under the OPEC+ deal, Russia’s share was 8.979 million barrels per day in May, including additional voluntary cuts pledged by eight members of the group.
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