Russia exceeded OPEC+ oil production target by 67,000 bpd in July, will make amends in Aug-Sept - ministry

MOSCOW. Aug 9 (Interfax) - Russia reduced oil production in July compared to June, but exceeded the target set in the OPEC+ agreements by 67,000 barrels per day, the Russian Energy Ministry said.

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."

"As previously agreed, Russia will compensate for excess production since April 2024 during a compensatory period, spread over October-November 2024, as well as from March to the end of September 2025. Russia confirms its commitment to the compensation schedule submitted to the OPEC Secretariat and calls on other OPEC+ countries that have submitted their compensation plans to adhere to it," it said.

At the last OPEC+ meeting in June, it was agreed that countries that under-reduced oil production in the first half of the year would compensate for them until September 2025. On July 24, OPEC published a compensation schedule: Iraq must compensate 1.184 million bpd, Kazakhstan - 620,000 bpd and Russia - 480,000 bpd.