Russia topped OPEC+ oil output quota in July, will compensate

MOSCOW (Reuters) – Russia exceeded its July oil production quota agreed with the OPEC+ group of producers, the energy ministry said on Friday, but pledged to abide by it and to compensate for the excess output.

Output fell in July versus June but exceeded its output target by 67,000 barrels per day due to one-off supply schedule issues, the ministry said.

Its production levels in August and September should compensate for this, it said.

Its allotted quota including voluntary cuts is 8.98 million bpd for June to September.

According to the International Energy Agency, Russia’s June output stood at 9.22 million bpd, down from 9.24 million bpd in May.

OPEC estimated Russia’s June production at 9.14 million bpd, down by 114,000 bpd from May.

The energy ministry also said that Russia would compensate for its overproduction since April in October-November and March-September 2025.

Deputy Prime Minister Alexander Novak said in July that there had been no friction with OPEC+ participants over Moscow exceeding its production quotas.

(Reporting by Olesya Asrakhova; writing by Anastasia Teterevleva; editing by Mark Trevelyan and Jason Neely)