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UPDATE 1-Russia exceeded OPEC+ oil output quota in June, pledges to reach target in July
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MOSCOW, July 24 (Reuters) - Russian crude oil production in June exceeded quotas set by the OPEC+ group but the energy ministry pledged on Wednesday to stick to the required output level in July.
It said the production level was assessed by independent sources certified by the OPEC+ deal. These include international consultancies.
The ministry said Russia had sent its schedule on overproduction compensation to the OPEC secretariat, and that its oil output had been declining each month starting from April.
The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, have made a series of deep output cuts since late 2022.
Under the OPEC+ accord, Russia's production quota stood at 8.979 million barrels per day in May, including extra voluntary cuts, pledged by eight group members.
The excess production will be made up for during the compensation period in October and November 2024, as well as from March and to the end of September, 2025, the energy ministry said on Wednesday.
OPEC+ will hold an online joint ministerial monitoring committee meeting (JMMC) on Aug. 1 to review the market. Three sources told Reuters last week that the panel is unlikely to recommend changing the group's output policy.
(Reporting by Vladimir Soldatkin; editing by Jon Boyle and Jason Neely)
((vladimir.soldatkin@thomsonreuters.com; twitter: @vsoldatkin;))