Russia to Adjust Excess Oil Production, Ensures OPEC+ Compliance

Russian officials affirm no tensions with OPEC+ despite Russia exceeding oil production quotas. Ensuring adherence to agreed output levels, Russia will adjust production in the coming months. The OPEC+ meeting on August 1 is expected to be constructive, aiming to balance the oil market and address overproduction issues.

Russia has assured that it will comply with OPEC+ oil production quotas, despite recent overproduction. This was confirmed by Deputy Prime Minister Alexander Novak during a press conference in Moscow.

Novak emphasized that there were no frictions within OPEC+ and that Russia is committed to balancing the oil market. He mentioned consistent communication with Saudi Arabia and other OPEC+ partners.

The upcoming OPEC+ joint ministerial monitoring committee meeting on August 1 is expected to be constructive, focusing on the execution of agreements and market stabilization. Plans have been submitted to curb production through September 2025 to offset cumulative overproduction.

(With inputs from agencies.)