Russia cut oil production to levels below OPEC+ quotas in June

According to Bloomberg data, Russia's oil production in June amounted to 9.022 million barrels per day. This is 28,000 barrels per day below the established limit, including mandatory compensatory cuts. The current gap between actual production and quota has become the largest this year.

Russia, being one of the key participants in the OPEC+ agreement alongside Saudi Arabia, has demonstrated strict compliance with the deal terms this year. Throughout most months of 2025, the country produced less than its allocated quota, adhering to previously reached agreements. Moscow had previously faced criticism from other alliance members for insufficient fulfillment of its commitments.

OPEC+ members agreed to increase production by 548,000 barrels per day starting August, citing strong summer demand as the main reason for revising quotas. However, agency experts note that such a decision could lead to a market surplus of crude by year-end.