Russia takes a similar stance to Iraq on oil production.. What is the connection with OPEC+?

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Economy News - Follow-up
[rtl]Russia's oil production is on track to meet OPEC+ quotas, but is set to decline in July (2024).[/rtl]
[rtl]Moscow is betting on the data for August and September (2024) to remove this surplus in crude production targeted by the alliance.[/rtl]
[rtl]Russia, along with Iraq and Kazakhstan, agreed to gradually reduce oil production by 2.284 million barrels per day from July 2024 to September 2025.[/rtl]
[rtl]The total surplus amounted to about 480 thousand barrels per day from Russia, 1.184 million barrels per day from Iraq, and 620 thousand barrels per day from Kazakhstan.[/rtl]
[rtl]The OPEC+ alliance includes members of the Organization of the Petroleum Exporting Countries (OPEC), plus Russia, Azerbaijan, Bahrain, Brunei, Malaysia, Kazakhstan, Mexico, Oman, Sudan and South Sudan.[/rtl]

[rtl]Low production..but[/rtl]

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[rtl]Russia's oil production fell in July (2024) compared to June of the same year, but exceeded the production levels targeted by OPEC+ by 67,000 barrels per day, according to a press release issued by the Russian Energy Ministry.[/rtl]
[rtl]Russia's oil production exceeding OPEC+ quotas is the result of supply scheduling issues, while the country's oil production levels in August and September 2024 are expected to address those issues.[/rtl]
[rtl]Under the OPEC+ agreement, Russia will compensate for the surplus in oil production since April 2024 during the specified compensation period distributed between October and November of this year, and during the period from March to September 2025.[/rtl]
[rtl]Moscow has repeatedly stressed its commitment to the schedule for compensating for its excess oil production that has been submitted to the OPEC Secretariat, and urges other OPEC member states that have submitted their compensation plans to adhere to them to the letter.[/rtl]
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[rtl]voluntary reduction[/rtl]

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[rtl]Russia's oil production quotas, set by OPEC+, include a voluntary cut of 8.98 million barrels per day during the period from June to August (2024).[/rtl]
[rtl]On June 2, 2024, the OPEC+ alliance gave the green light to extend most of the oil production cuts until the middle of the current decade (2025) in light of the alliance’s tireless efforts to support the stability of global crude market prices in light of weak demand growth, rising interest rates, and rising production in the United States of America.[/rtl]
[rtl]OPEC+ also agreed to gradually reduce the rounds of cuts worth 2.2 million barrels per day over the course of a year from October 2024 to September 2025.[/rtl]
[rtl]A worker stands in front of a Russian oil pipeline - AP Photo[/rtl]
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[rtl]Moscow's compensation plans[/rtl]

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[rtl]Russia is looking to cut oil production in October and November 2024 by an estimated 10,000 barrels per day and 30,000 barrels per day, respectively, to compensate for the overproduction, according to figures provided by OPEC.[/rtl]
[rtl]In March 2025, the reduction in Russian oil production will reach 16 thousand barrels per day, 31 thousand barrels per day in April, 47 thousand barrels per day in May, and 63 thousand barrels per day in June.[/rtl]
[rtl]During the third quarter of next year (2025), Russia's oil production cut will increase to 79,000 barrels per day in July, and 94,000 barrels per day in August, until it reaches the highest level estimated at 110,000 barrels per day in September, according to an OPEC statement.[/rtl]
[rtl]Russian Deputy Prime Minister Alexander Novak had indicated that the current OPEC+ agreement helps achieve a balance between supply and demand in energy markets, and spreads a state of clarity and transparency in the markets, according to what he stated in his speech at the Economic Forum held in St. Petersburg in June (2024), and monitored by the specialized energy platform.[/rtl]
[rtl]OPEC oil production fell slightly in July (2024), settling at 26.99 million barrels per day, according to a Bloomberg survey in early August (2024).[/rtl][/size]

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Added 2024/08/10 - 9:08 AM
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