Russia’s oil production in July surpassed the quota agreed upon with the OPEC+ group of producers, the energy ministry announced on Friday. Despite this, the ministry assured that Russia is committed to adhering to the agreed limits and will offset the excess output. Although production in July was lower compared to June, it still exceeded the target by 67,000 barrels per day, which the ministry attributed to unique scheduling issues.
The ministry further explained that production levels in August and September are expected to compensate for the overproduction in July. Russia’s assigned quota, including voluntary cuts, stands at 8.98 million barrels per day (bpd) from June to September. According to data from the International Energy Agency, Russia’s oil output in June was 9.22 million bpd, slightly down from 9.24 million bpd in May. Meanwhile, OPEC estimated Russia’s June production at 9.14 million bpd, a decrease of 114,000 bpd from May.
The energy ministry also indicated that Russia plans to compensate for its overproduction since April during the periods of October-November this year and March-September 2025. Deputy Prime Minister Alexander Novak stated in July that there had been no tension with OPEC+ members over Russia’s exceeding of its production quotas.