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Russia Intends to Compensate for OPEC+ Overproduction Along with Allies

OIL

Russia intends to compensate for overproduction above its OPEC+ quota through 2025 according to the energy ministry Thursday.

  • It intends to strictly comply with the quota in June.
  • “Russia remains fully committed to the fundamental principles of the OPEC+ deal,” the ministry said.
  • The compensation plan will be submitted to OPEC secretariat in the near future.
  • Iraq's oil ministry said on Wednesday it is fully committed to compensating for any overproduction in 2024.
  • Kazakhstan was 45,000 bpd over its OPEC+ quota in May which it will also compensate for its energy ministry said this week.

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