Oil Production and Exports from Russia Decline Significantly

The Russian Federation remains fully committed to the OPEC+ agreement. This was reported by the Russian Ministry of Energy.

Oil production in Russia decreased in July compared to June, surpassing daily reductions of 67,000 barrels due to one-off supply schedule issues. Levels in August and September are expected to rectify the situation.

According to preliminary agreements, Russia will compensate for excess production starting in April 2024, with the compensation period distributed between October and November 2024, as well as from March to the end of September 2025.

Russia reaffirms its commitment to the compensation schedule previously presented to the OPEC Secretariat and calls on other countries that have submitted their compensation plans to OPEC+ to adhere to the timeline.