Advertisement
UK markets close in 3 hours 49 minutes
  • FTSE 100

    8,279.51
    +41.79 (+0.51%)
     
  • FTSE 250

    20,543.53
    +101.18 (+0.49%)
     
  • AIM

    773.11
    +0.54 (+0.07%)
     
  • GBP/EUR

    1.1804
    -0.0018 (-0.15%)
     
  • GBP/USD

    1.2664
    +0.0019 (+0.15%)
     
  • Bitcoin GBP

    48,196.07
    -2,564.46 (-5.05%)
     
  • CMC Crypto 200

    1,258.91
    -50.81 (-3.88%)
     
  • S&P 500

    5,464.62
    -8.55 (-0.16%)
     
  • DOW

    39,150.33
    +15.53 (+0.04%)
     
  • CRUDE OIL

    80.98
    +0.25 (+0.31%)
     
  • GOLD FUTURES

    2,338.30
    +7.10 (+0.30%)
     
  • NIKKEI 225

    38,804.65
    +208.18 (+0.54%)
     
  • HANG SENG

    18,027.71
    -0.81 (-0.00%)
     
  • DAX

    18,276.79
    +113.27 (+0.62%)
     
  • CAC 40

    7,693.04
    +64.47 (+0.85%)
     

Energy ministry: Russia exceeded OPEC+ quotas in April, will compensate

(Reuters) - Russia exceeded its OPEC+ production quota in April for "technical reasons" and will soon present to the OPEC Secretariat its plan to compensate for the error, the Russian Energy Ministry said late on Wednesday.

"Russia is fully committed to the OPEC+ agreements and plans to compensate for its failure to carry out the production plan and will soon present to the OPEC Secretariat its plan to cover the small deviation from the voluntary production levels," the ministry said in a statement.

The statement said Russia maintained production within the OPEC+ quotas through the first quarter of 2024.

It said the April overproduction was attributable to "technical particularities of reducing production by a significant amount."

ADVERTISEMENT

Russia has been a key member of OPEC+, a grouping of member-states of the Organisation of Petroleum Exporting countries and other producing nations which have agreed to impose production cuts.

(Reporting by Reuters; Editing by Chris Reese)