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Russia to compensate oil overproduction within OPEC+ framework

Russia will lower its oil production by 40,000 barrels per day in October - November and by 440,000 barrels per day more in March - September 2025

MOSCOW, July 24. /TASS/. The OPEC Secretariat received plans from Iraq, Kazakhstan and Russia to compensation oil overproduction from July 2024 until the end of September 2025.

"The OPEC Secretariat received compensation plans from Iraq, Kazakhstan, and the Russian Federation for their overproduced volumes," it said. Russia will cut oil production by 480,000 barrels daily, Iraq - by 1.184 mln barrels per day, and Kazakhstan - by 620,000 barrels daily.

Overproduction will be fully compensated by September 2025, OPEC said.

Russia will lower its oil production by 40,000 barrels per day in October - November and by 440,000 barrels per day more in March - September 2025.

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