Russia Vows to Meet OPEC+ Target after Exceeding Oil Output Quota in May

Russia will reach its oil production quota in June after exceeding its target output under the OPEC+ deal in May, the Russian Energy Ministry said on Thursday. Russia slightly exceeded its OPEC+ quota in May, based on data from independent sources monitoring the agreement, the ministry said, adding that “the issue with overproduction will be resolved in June, when the target will be achieved.” The excess production volumes that Russia has pumped since April will be fully compensated for in the future, with the overproduction…