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Russia Admits Exceeding Its OPEC+ Quota

July 24, 2024

Russia is close to achieving the production goals agreed upon with the OPEC+ alliance, Russian Deputy Prime Minister Alexander Novak said.

Novak did not provide specific production figures, reflecting Russia’s admission last month that it had exceeded its quota allocated by OPEC+ in May.

In a separate move, Novak announced the re-imposition of a ban on Russian gasoline exports starting August 1, with the possibility of extending it until the fall.

Russia imposed a similar six-month ban at the start of this year before temporarily suspending it in May and then again in July.

The ban is attributed to fuel shortages and high prices as a result of drone attacks on refineries, in addition to technical malfunctions.

The original ban included exceptions for some countries, including the Moscow-led Eurasian Economic Union and other countries that have direct government agreements with Russia on fuel supplies, such as Mongolia.