Russia will meet its commitments to the OPEC+ group of major oil producers and has reached the promised oil production level of 9 million barrels per day, Deputy Prime Minister Alexander Novak said on Wednesday.
According to the agreement, Russia's oil production quota from June to the end of this year is 8.98 million bpd.
“Russia has reached the levels that we voluntarily accepted as a production obligation, namely 9 million barrels per day,” Novak told reporters on the sidelines of the Valdai discussion club meeting in the resort town of Sochi. , on the Black Sea.
OPEC+ has cut production to balance volatile global oil markets, sales of which are crucial to the Russian economy.
On Sunday, OPEC+ agreed to delay by a month the increase in oil production planned for December, while weak demand, particularly from China, and increasing supply outside the group maintain downward pressure on the oil market.
Countries' compliance with agreed production limits has been a focus, particularly Iraq and Kazakhstan, which have pumped beyond targets and promised further cuts to make up for the surplus.
“We will have to ensure that this confidence is maintained,” Novak said of promises to reduce oil production.
He indicated that OPEC+ should meet in early December to define production policy from January. He added that it was unclear whether the meeting would take place online or in person.
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