Russia: There is no dispute with OPEC+

Russian Deputy Prime Minister Alexander Novak told reporters on Thursday that the country will compensate for exceeding the crude oil production quotas set by OPEC+ partners, explaining that there is no disagreement with the group on this issue.

According to Al-Mayadin report, Russian crude oil production in June exceeded the quotas set by the OPEC+ group, but the Russian Energy Ministry pledged on Wednesday to stick to the production level required in July. Novak stated that surplus production is a secondary issue and that Russia is in constant contact with its partners in the group.

On Wednesday, OPEC+ announced its final plans for Russia, Iraq and Kazakhstan to offset their oil production surplus in the first half of the year, in a move that the group expects to average 150,000 barrels per day. from global markets until September 2025.

OPEC+ is currently cutting production by a total of 5.86 million barrels per day, or roughly 5.7 percent of global demand. At its last meeting in June, in addition to the 2.2 million bpd cut by the eight members for a three-month period until September 2024, the group agreed to extend the cut by 3.66 million bpd for one year until the end of 2025. did.