OREANDA-NEWS By the end of August, Russia began fulfilling its obligations to reduce oil production under the agreement with OPEC+. This was stated by Deputy Prime Minister Alexander Novak, answering a question from journalists, Interfax reports.

At the beginning of the month, the Ministry of Energy noted that in July, Russian companies reduced production compared to June, but still exceeded the transaction targets by 67 thousand barrels per day. However, as the Ministry noted at the time, the reduction will increase in August and September.

The association of oil producers gave figures different from the Russian ones. According to OPEC+ estimates, production turned out to be 111 thousand barrels per day higher than the approved level.

According to the schedule approved by OPEC+, Russia's production in August should not exceed 8.987 million barrels per day. Also, by the end of September, the country must compensate for exceeding production limits in the amount of 480 thousand barrels per day.

Earlier it became known that the number of new oil wells commissioning has fallen in Russia. According to the results of the first half of 2024, 3,657 such facilities were put into operation, which is 12 percent less than a year earlier.