Russia complied with OPEC+ oil cutbacks according to data for end-Aug: PM

Shafaq News/ Russia complied with its commitments to cut back oil production under the OPEC+ deal according to data for the end of August, Deputy Russian Prime Minister Alexander Novak told reporters.

"We should have been complying. At least, data to that effect were available at the end of the month," Novak said, when asked whether Russia fulfilled its obligations under the agreements with the alliance in August.

Russia overshot its quota in the first half of the year and has promised to compensate for these levels by September 2025. But production was exceeded again in July.

Russia reduced oil production in July compared to June, but exceeded the target set in the OPEC+ agreements by 67,000 bpd, the Russian Energy Ministry said earlier. The excess arose "due to one-off problems with the supply schedule, while the levels in August and September should make amends for this," it said. However, the presentation of a compensation plan to OPEC has not been reported. According to data published by OPEC based on secondary information sources, Russia exceeded the necessary production level by 111,000 bpd in July.