Excluding Russia from OPEC+ Deal Was Not Discussed at Ministerial Meeting — Source

The meeting also resolved to "extend the compensation period until the end of December 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by 17 June 2022"

© EPA-EFE/CHRISTIAN BRUNA

MOSCOW, June 2. /TASS/. Ministers of the OPEC+ countries did not raise the issue of excluding Russia from the OPEC+ deal at the meeting of the monitoring committee or at the ministerial meeting, a source in the OPEC told TASS.

On June 2, OPEC+ member-states made the decision on the uniform redistribution of the 432,000 barrels/day September quota to July and August, according to the final communique posted on the OPEC website.

Oil production in each of July and August will grow by 648,000 barrels, according to the document.

The meeting also resolved to "extend the compensation period until the end of December 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by 17 June 2022,"as indicated in the communique.

The overall oil production level of OPEC+ countries can grow to 43.2 mln barrels per day.