Despite its pledge to adhere to its production quota in “OPEC+”, Russia’s oil exports keeps rising

Russia’s oil exports continued to rise for the second week in a row, despite Moscow’s pledge to adhere to its production quota agreed upon within the framework of the OPEC+ alliance after it exceeded the target level in May.

Average Russian crude oil shipments during the four weeks ending on June 16 increased by about 80,000 barrels per day to 3.42 million barrels per day, according to Bloomberg data,

Russian seaborne oil flows also rose by 5% to the highest level in two months at 3.7 million barrels per day during the past week.

The Russian Ministry of Energy announced last Thursday that the country’s oil production during May exceeded its quota set by the OPEC+ alliance, and pledged to adhere to the targeted production levels and settle the issue of surplus production during this June.