Russia's oil production in May remained below OPEC+ target

According to Bloomberg, Russia kept oil output below its OPEC+ target in May. Production remained unchanged from April at 8.979 million barrels per day, staying 19,000 barrels below Russia's quota, which includes compensation for previous overproduction.

Compliance with production limits is a key factor behind OPEC+'s recent decisions to accelerate supply increases. Last week, Saudi Arabia, the alliance's de facto leader, pushed through a third output increase of 411,000 barrels per day. The organization aims to maintain discipline among members who have exceeded limits by allowing prices to fall, the agency reports.

Under the OPEC+ agreement, Russia's official May quota was 9.083 million barrels per day. However, after accounting for a compensatory reduction of 85,000 barrels per day for past overproduction, the actual target was 8.998 million barrels per day. In assessing Russian output figures, market observers rely on indirect indicators such as seaborne exports and refinery operations, Bloomberg noted.