Russia intends in August and September to fully compensate for previously producing oil in excess of its OPEC+ quota, in line with the existing plan, Interfax news agency quoted Deputy Prime Minister Alexander Novak as saying.

Novak was also quoted as saying that the government was still discussing a possible complete gasoline export ban and that the decision depended on market prices in the next few days.

Russia has to compensate for overproducing a cumulative 691,000 barrels per day since April.

OPEC+, comprising the Organisation of the Petroleum Exporting Countries and allies such as Russia, has been raising production since April after years of cuts to support the market.

Kazakhstan and Iraq also produced above their quotas, angering some other OPEC+ members, including Saudi Arabia, which pushed the group to release more oil to regain market share, sources have told Reuters.

Speaking about a potential full gasoline export ban, Novak said the government would study the fuel market in the next few days to understand if such a measure was warranted.

Currently, there are restrictions only for a small portion of gasoline exports by resellers, while oil companies still have licences to sell the fuel abroad. The restrictions are in place until August 31.

Russia produces around 44 million metric tons of gasoline per year. Egypt and Turkey are the main importers of the Russian fuel.

According to the sources, Russia increased gasoline exports in the first quarter 2025 by almost 1.5 times, year on year, to around 2.4 million tons.
Source: Reuters