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OPEC ministers thank Russia for voluntary export cuts in August

In addition, the ministers thanked Algeria for cutting oil production by 20,000 bpd in August and commended Saudi Arabia for extending their voluntary cuts by 1 mln bpd into August

VIENNA, July 5. /TASS/. Ministers of the Organization of the Petroleum Exporting Countries (OPEC) thanked Russia for its voluntary oil exports cuts by 500,000 barrels per day (bpd) in August, OPEC said in its statement.

In addition, the ministers thanked Algeria for cutting oil production by 20,000 bpd in August and commended Saudi Arabia for extending their voluntary cuts by 1 mln bpd into August.

Minister of Energy of Saudi Arabia Abdulaziz bin Salman said earlier on Wednesday OPEC+ will monitor Russia’s oil production based on data from seven independent sources on a monthly basis. "Myself as a chairman and the secretary here, we worked really hard with seven independent sources verifying Russian number. And we’re going do it on a monthly basis,"he said. According to the Saudi minister, Russia is fulfilling its obligations to voluntarily cut oil production.

Based on the most recent data from independent sources, Russia's quota for oil production in 2024 under the OPEC+ agreement was increased from 9.828 mln barrels per day (bpd) to 9.949 mln bpd. Initially, Russia's quota for 2024 was set at 9.828 mln bpd during the OPEC+ meeting on June 4 in Vienna. The final document, however, stated that this volume could be changed in June as Russia consults with independent sources to determine the production volume.

As a result, based on data from independent sources, Russia's oil production level in February 2023 was amended, which became the country's new quota for 2024 under the OPEC+ agreement.

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