Russian Energy Ministry's public reports

Russia 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.