Russia’s Oil Output Exceeded OPEC+ Quotas In May, Pledges To Meet Obligations

Russia’s energy ministry said on Thursday that its oil production in May exceeded quotas set by the OPEC+ group of major oil producing countries, while pledging to meet its obligations.
It did not provide production figures.

The ministry said in a statement that the issue of overproduction would be resolved in June and targeted levels would be achieved.

The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, have made a series of deep output cuts since late 2022.

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OPEC+ agreed to gradually phase out the cuts of 2.2 million bpd, pledged by eight members including Russia, over the course of a year from October 2024 to September 2025. (Reuters)