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Russia to Compensate for OPEC+ Overproduction

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Russia will gradually compensate for excess production beyond its OPEC+ quota, according to Bloomberg citing Tass and Russia’s Deputy PM Alexander Novak.

  • Compensation volumes will be confirmed within a week, Bloomberg said.
  • Novak said that Russia’s compliance with its OPEC+ quotas was near 100% in May and aims to cut output to agreed levels to around 9m b/d by the end of June.
  • In addition, Novak said that he saw global oil demand growth at around 1.5m-2m b/d in 2024 and 1.5m b/d in 2025.
  • Demand in China is matching expectations and is providing the basis for OPEC+’s decision to relax supply cuts.
  • Novak forecasts that oil prices will be around $80-$85/b by 2024 year-end, Bloomberg said citing Interfax.
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Russia will gradually compensate for excess production beyond its OPEC+ quota, according to Bloomberg citing Tass and Russia’s Deputy PM Alexander Novak.

  • Compensation volumes will be confirmed within a week, Bloomberg said.
  • Novak said that Russia’s compliance with its OPEC+ quotas was near 100% in May and aims to cut output to agreed levels to around 9m b/d by the end of June.
  • In addition, Novak said that he saw global oil demand growth at around 1.5m-2m b/d in 2024 and 1.5m b/d in 2025.
  • Demand in China is matching expectations and is providing the basis for OPEC+’s decision to relax supply cuts.
  • Novak forecasts that oil prices will be around $80-$85/b by 2024 year-end, Bloomberg said citing Interfax.