Russia again promised to improve before OPEC+ — in July

Oil production in Russia still exceeds OPEC+ quotas. The Ministry of Energy promised to improve in July.

"The Russian Federation remains fully committed to the OPEC+ agreement. According to independent sources approved in the agreement, Russia exceeded production volumes in June, but the production level has been decreasing every month since April," the ministry reports.

The ministry assured that Russia will resolve the issue of overproduction and fully comply with the requirements in July: "Russia will compensate for production surpluses from April 2024 during the compensation period distributed between October and November 2024, as well as from March to the end of September 2025.

As reported by EADaily, some OPEC+ countries are not fulfilling the plan for an agreed production reduction, including Russia. The International Energy Agency estimated that the excess volumes in May amounted to 630 thousand barrels per day — 16% of all reductions.

The UAE was named the largest violator. Their production amounted to 3.25 million barrels per day — 340 thousand barrels more. Iraq followed — 280 thousand barrels more. They also did not fully adhere to quotas in Saudi Arabia and Russia. According to the IEA, by 50 thousand barrels per day and 170 thousand barrels per day, respectively.