The ministry said in a statement that the issue of overproduction would be resolved in June and targeted levels would be achieved.

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 around 9.1 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 until September 2025, the energy ministry also said on Thursday.

OPEC+ agreed on June 2 to extend most of its deep oil output cuts well into 2025 as the group sought to shore up the market amid tepid demand growth, high interest rates and rising U.S. production.

OPEC+ agreed to gradually phase out the cuts of 2.2 million bpd, pledged by eight members including Russia, over the course of a year from October 2024 to September 2025.