Deputy PM Novak: Russia cut oil production in July, nearly to OPEC agreed target level

Russian news outlet Interfax had the comments from Novak on Tuesday:

• “We have nearly reached it [the required level of oil output within OPEC+]. We are close to it. We have somewhat ‘underperformed’ the target at full volume, so to speak,”
• said that the Energy Ministry would send the OPEC Secretariat a schedule for offsetting the barrels produced above the quota going forward.

  Countries that have not reduced production enough as per the OPEC+ agreements will offset those volumes until the end of September 2025.

More here on the numbers.

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This article was written by Eamonn Sheridan at www.forexlive.com.