The Russian Federation remains fully committed to the OPEC Plus agreement.
According to assessments by the independent sources approved in the agreement, Russia over produced in June, with the level of production decreasing every month since April.
Russia will address this overproduction and will fully comply in July. Russia will compensate for the surplus in production since April 2024 during the compensation period, distributed between the months of October-November 2024 and in the period from March until the end of September 2025.
Russia has submitted its updated compensation schedule to the OPEC Secretariat.
