Russia plans to compensate for overproduction in April

Russia's energy ministry said that the country will present a plan to compensate for exceeding its OPEC+ oil production quota in April.

PHOTO: Flag of Russia. Getty Images

The Russian energy ministry admitted that the country’s oil production in April was slightly above the OPEC+ quota and promised to submit a compensation plan to the producers’ coalition.

The country did not disclose its production level for the month.

Russia pledged in April 2023 to produce not more than 9.5 million b/d of crude oil until the end of 2024.

“Russia plans to compensate for shortfalls in production plans and will soon submit to the OPEC Secretariat,” the energy ministry said.

Earlier in May, two other members of the OPEC+ coalition, Iraq and Kazakhstan, agreed on a compensation plan for their overproduction during the first three months of this year.

By Aparupa Mazumder 

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