MOSCOW, August 13. /TASS/. Russia cut oil production by 10,000 barrels per day (bpd) in July, but fell short of the voluntary cuts under the OPEC+ agreement by 250,000 bpd, the International Energy Agency (IEA) said in its August report.

According to the IEA, Russia’s oil production reached 9.23 mln bpd in July. Taking into account the voluntary cuts planned for June, the production volume should have been 8.98 million bpd.

On Monday, OPEC published data in its report, according to which Russia exceeded the OPEC+ plan in July by 111,000 bpd. In turn, the Russian Energy Ministry reported that the excess of targets under the OPEC+ deal in July was 67,000 bpd, and it should be compensated in August and September.

Starting from the first quarter of 2024, eight OPEC+ countries voluntarily reduce oil production by 2.2 million bpd. However, in the first quarter, Russia reduced oil exports (but not production) by 500,000 bpd. In the second quarter, the decline in indicators already accounted for both exports and production. In the third quarter, Russia should only reduce production and keep it at 8.978 million bpd.

However, for several months in a row, Russia exceeded the production level agreed upon under the OPEC+ agreements. Russia, like other "debtors", is gradually compensating for insufficiently reduced production volumes. According to the schedule that Russia submitted to the OPEC+ secretariat, it will correct production cuts in October-November 2024 and from March to September 2025.