The Russian Ministry of Energy has sent an updated schedule of compensation for oil overproduction to the OPEC secretariat. Russia plans to complete the compensation in two stages: from October to November 2024 and from March to September 2025.
In June, according to estimates from independent sources approved by the OPEC+ agreement, Russia exceeded the permissible production volumes. However, since April 2024, production volumes have been gradually decreasing, and Russia will fully comply with the compensation requirements.
Russia confirms its commitment to the obligations under the OPEC+ deal and will continue to comply with all established frameworks. Eight countries participating in the agreement have already extended voluntary production cuts for the third quarter of 2024 in order to balance the oil market.