Russia has confirmed a decline in oil production for July and has pledged to implement deeper cuts to compensate for previous overproduction, highlighting ongoing challenges for the OPEC group.
Russia ’s crude oil production was down in July compared to June, the Russia n Energy Ministry said on Friday, and more cuts are coming. Russia ’s oil production came in at 67,000 bpd above its quota for July, but was down in July compared to June due to “one-off supply scheduling issues”. According to the Energy Ministry, August and September production levels will “remedy this.” Russia had already agreed to compensate for everything it has overproduced since April of this year.
Plus countries who have submitted their compensation plans to adhere to them,” the Ministry said. part of the is set to release its official production figures for July in its Monthly Oil Market Report on Monday.
Oil Production OPEC+ OPEC Production Cuts Compliance Oil Market Quota Overproduction Compensation
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