All news

Russia exceeds OPEC+ oil production plan by 111,000 bpd in July — OPEC

In July, taking into account all voluntary reductions in oil production as part of the OPEC+ agreements, Russia was supposed to reduce production to 8.978 million bpd

MOSCOW, August 12. /TASS/. Russia reduced oil production by 26,000 barrels per day (bpd) in July 2024 to 9.089 million bpd, but exceeded the plan under the OPEC+ deal by 111,000 bpd, according to data presented in OPEC's August report.

Russia’s oil production amounted to 9.248 million bpd in May, 9.115 million bpd in June. The average level of oil production was 9.431 million bpd in the first quarter and 9.221 million bpd in the second quarter.

In July, taking into account all voluntary reductions in oil production as part of the OPEC+ agreements, Russia was supposed to reduce production to 8.978 million bpd. Thus, the oil production plan was exceeded by 111,000 bpd.

Starting from the first quarter of 2024, eight OPEC+ countries voluntarily reduce oil production by 2.2 million bpd. At the same time, in the first quarter, Russia reduced oil supplies to world markets, not production, by 500,000 bpd.

In the second quarter, the decline in indicators was already accounted for by both exports and production.

In the third quarter, Russia is only to reduce production and keep it at the level of 8.978 million bpd. However, for several months in a row, Russia exceeded the production level, which was agreed upon under the OPEC+ agreements. Russia, like other "debtors", is gradually compensating for insufficient reduction of production. According to the schedule that Russia submitted to the OPEC+ secretariat, compensation for the production cuts will occur in October - November 2024 and from March to September 2025. Earlier, the Energy Ministry reported that Russia reduced oil production in July compared to June, but exceeded the OPEC+ deal targets by 67,000 bpd. The excess should be compensated in August and September, the ministry noted.

Tags