OPEC+ puts pressure on Russia regarding oil production quotas.

Oil production in Russia remained below OPEC+ plan

According to the latest data, oil production in Russia in May did not reach the planned level of the OPEC+ agreement. This month, 8.979 million barrels per day were extracted, which is slightly less than anticipated. This is 19 thousand barrels less than stipulated in the OPEC+ agreement.

Compliance with production quotas is one of the reasons why OPEC+ is accelerating supply increases. The agreement stipulated an increase in Russia's daily quota, as well as a reduction in production to compensate for previous overproduction, which led to a decrease in the actual volume of oil production in the country.

Impact on the global oil market

Thus, such restraint from exceeding the limits of the OPEC+ agreement may bring changes to the global oil market and its prices.