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Russia to Compensate for April Oil Overproduction

OIL
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Russian oil production was over its quota in April due to "technical reasons" and the country will soon present to the group its plans to compensate according to the Russian Energy Ministry on Wednesday.

  • It blamed April’s overproduction on "technical particularities of reducing production by a significant amount."
  • It claimed its first quart production was within quotas.
  • "Russia is fully committed to the OPEC+ agreements and plans to compensate for its failure to carry out the production plan and will soon present to the OPEC Secretariat its plan to cover the small deviation from the voluntary production levels," the ministry said.
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Russian oil production was over its quota in April due to "technical reasons" and the country will soon present to the group its plans to compensate according to the Russian Energy Ministry on Wednesday.

  • It blamed April’s overproduction on "technical particularities of reducing production by a significant amount."
  • It claimed its first quart production was within quotas.
  • "Russia is fully committed to the OPEC+ agreements and plans to compensate for its failure to carry out the production plan and will soon present to the OPEC Secretariat its plan to cover the small deviation from the voluntary production levels," the ministry said.