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Russia Plans to Make OPEC+ Compensation Cuts in Warm Season

OIL

Russia plans to make extra crude production cuts to compensate for pumping its OPEC+ quota in the warm season of 2024 and 2025, sources told Bloomberg.

  • Moscow’s additional curbs will most likely happen in summer and early Autumn for technological reason. Russia will also need more crude during the colder months.
  • Russia has been one of the country’s repeatedly overproducing compared to its OPEC+ quotas.
  • In June, it pledged to compensate for its overproduction since April, with the compensation period to last until Sep. 2025.
  • Russia missed a deadline to present the compensation schedule to OPEC’s secretariat by June 30.
  • The market will watch for tangible compensation cuts among overproducers such as Russia as a sign that OPEC is able to maintain compliance among its members. Strong compliance would be bullish for markets as supply tightens.
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