There is no discord between Russia and OPEC over Moscow's recent poor compliance with the group's production cuts, Russian Deputy Prime Minister Alexander Novak said on Thursday.
There is no discord between Russia and OPEC over Moscow’s recent poor compliance with the group’s production cuts, Russia n Deputy Prime Minister Alexander Novak said on Thursday. The overproduction of some OPEC members – most notably Iraq, Kazakhstan, and Russia – has been an issue for the alliance, which has tentative plans to start easing part of the voluntary cuts in the fourth quarter of this year, market conditions permitting.
On Wednesday, the OPEC Secretariat said that it had received compensation plans from Iraq, Kazakhstan, and Russia for their overproduced volumes for January to June 2024. The cumulative overproduction in these six months was about 1.184 million barrels per day bpd for Iraq, 620,000 bpd for Kazakhstan, and 480,000 bpd for Russia, OPEC said. Russia’s plan envisages Moscow mostly compensating for its overproduction in the months March to September 2025.
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