Russia exceeds its production quota under OPEC+ agreement in June and commits to compliance in July

Russian oil production in June exceeded the quotas set by the OPEC+ group, but the Russian Ministry of Energy pledged on Wednesday to comply with the required production levels in July.

The ministry stated that Russia has submitted its schedule for the plan to compensate for the excess production to the OPEC Secretariat and that its oil production has been declining every month since April.

Reuters