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Russian news outlet Interfax reported on Tuesday that Deputy Prime Minister Alexander Novak commented on the country’s oil production levels:
“We have nearly reached the required level of oil output within OPEC+. We are close to it. We have somewhat ‘underperformed’ the target at full volume, so to speak,” Novak stated.
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He also mentioned that the Energy Ministry will send the OPEC Secretariat a schedule for offsetting the barrels produced above the quota in the future. Countries that have not reduced production enough according to the OPEC+ agreements will offset those volumes until the end of September 2025.
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