Russia will reach its oil production quota in June after exceeding its target output under the OPEC deal in May, the Russian Energy Ministry said on Thursday. Russia slightly exceeded its OPEC quota in May, based on data from independent sources monitoring the agreement, the ministry said, adding that “the issue with overproduction will be resolved in June, when the target will be achieved.
Last week, Russian Deputy Prime Minister Alexander Novak said that Russia continued to cut its oil production in May per the OPEC agreements, in another attempt to reassure the market that OPEC producers are committed to the pact and to stabilizing the oil market. “Our reduction against April continued in accordance with our OPEC agreements,” Novak told reporters on the sidelines of the St. Petersburg International Economic Forum, as quoted by Russian news agency TASS.