Russia cuts oil output to required level under OPEC+ deal

Russian Deputy Prime Minister Alexander Novak said on Monday that his country cut oil output to the level required under the OPEC+ deal by the end of August, according to Interfax.

OPEC said in late July that Russia exceeded its agreed production quota by about 480,000 barrels per day (bpd) in the period from January to June. Meanwhile, Moscow pledged to compensate for the bulk of the excess production next year.

Despite Russia’s July output falling month-on-month, it exceeded the target by about 67,000 bpd. The country’s energy ministry has repeatedly stressed its commitment to reaching the limit stipulated in the producers’ agreement.

Russia is set to make up for 40,000 bpd of excess production in October and November this year, while the remaining supplies will be compensated for in the period from March to September 2025, according to Reuters.

Novak said earlier that Russia would compensate for exceeding OPEC+ oil production quotas, stressing that there was no disagreement between Russia and the alliance.

According to the agreement, Russia's share of oil supplies - including voluntary cuts – amounts to 8.98 million bpd for the period from June to September.