June 13, 2024
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OIL & GAS

Russia Exceeds OPEC+ Production Quota, Plans to Compensate

Russia exceeded its OPEC+ production quota in April due to “technical reasons” and will soon present a plan to compensate for the error to the OPEC Secretariat, the Russian Energy Ministry announced late on Wednesday.

The ministry emphasized Russia’s commitment to the OPEC+ agreements and its intention to address the deviation from the voluntary production levels.

“Russia is fully committed to the OPEC+ agreements and plans to compensate for its failure to carry out the production plan and will soon present to the OPEC Secretariat its plan to cover the small deviation from the voluntary production levels,” the ministry said in a statement.

According to the statement, Russia maintained production within the OPEC+ quotas throughout the first quarter of 2024. The overproduction in April was attributed to “technical particularities of reducing production by a significant amount.”

Russia plays a crucial role in OPEC+, a coalition of member-states of the Organisation of Petroleum Exporting Countries and other oil-producing nations that have agreed to impose production cuts to stabilize the market.

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