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VisitRussia Reduces July Oil Output, Nears OPEC+ Quota
Aug 9, 2024, 11:42 AM
Russia reduced its oil output in July, moving closer to its OPEC+ quota. According to sources familiar with data from the Energy Ministry, Russia produced 9.045 million barrels per day (b/d) in July, a decrease of 33,000 b/d from June. This output was about 67,000 b/d above Moscow's target under the OPEC+ agreement. The Russian Energy Ministry confirmed the decrease and reiterated Russia's commitment to the compensation schedule presented to OPEC. The overproduction was attributed to one-off issues with the supply schedule.
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Markets
No • 50%
Yes • 50%
Russian Energy Ministry's public reports
Yes • 50%
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Russian Energy Ministry's public reports
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Russian Energy Ministry's public reports
Between 9.1 and 9.2 million b/d • 25%
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Russian Energy Ministry's public reports
Below 9.0 million b/d • 25%
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Between 9.0 and 9.1 million b/d • 25%
Russian Energy Ministry's public reports
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Russian Energy Ministry's public reports