Russia's May Oil Production Exceeds OPEC+ Quota Despite 344K Barrel Reduction, Deepest Curbs in Over a Year

Jun 13, 2024, 01:07 PM

In May, Russia reduced its oil output by 344,000 barrels per day, producing 9.393 million barrels per day, which fell short of their target. Based on OPEC secondary sources, Russia's crude production fell by 119,000 barrels per day month-on-month to 9.182 million barrels per day. Despite the reduction, Russia's production was still above the OPEC+ quota target of 9.049 million barrels per day. The Russian Energy Ministry acknowledged the overproduction and committed to resolving the issue in June. They also announced plans to compensate for the crude overproduction through September. This marks the deepest curbs in over a year.