In a recent statement during the 8th OPEC International Seminar, Saudi Arabia's Energy Minister Abdulaziz bin Salman revealed that OPEC+ will be closely monitoring Russia's oil production on a monthly basis.
"We, Chairman of OPEC+ [myself], and OPEC Secretary-General [Haitham Al Ghais], have been diligently working with seven independent sources to determine the volume of oil production in Russia. This will be done on a monthly basis," bin Salman stated.
The Saudi energy minister further affirmed that Russia is fulfilling its obligations to voluntarily reduce oil production.
In a significant development, Russia's 2024 oil production quota under the OPEC+ agreement has been revised based on the latest data provided by independent sources. Initially set at 9.828 million barrels per day (bpd) during the OPEC+ meeting in Vienna on June 4, the quota has been raised to 9.949 million bpd.
The adjustment was made after a careful evaluation of Russia's oil production levels in February 2023, taking into account the information obtained from reliable independent sources.
GSV "Russia - Islamic world"
Photo: drpepperscott230/Pixabay
Based on materials from TASS