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Russia slightly exceeded OPEC+ oil output target in April, will compensate

It happened due to technical difficulties of cutting production, the Russian Energy Ministry said

MOSCOW, May 22. /TASS/. Russia’s crude oil output in April was slightly above the target in April due to technical difficulties of cutting production, so the country will soon sent to the OPEC Secretariat its plan to compensate for it, the Russian Energy Ministry said in a statement.

The ministry said that Russia’s oil production in the first quarter of 2024 was consistently kept below the agreed quotas.

"In April, within the framework of voluntary reductions, oil output in Russia was slightly below target levels. The overproduction was due to technical difficulties of a major reduction in production," the statement says.

Russia remains fully committed to its OPEC+ agreements and plans to compensate for the shortfall and will soon inform the OPEC Secretariat about planned measures in this regard, the ministry said.

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