SOCHI (Reuters) – Russia will stick to its commitments to the OPEC+ group of leading oil producers and has reached its promised oil output level of 9 million barrels per day, Deputy Prime Minister Alexander Novak said on Wednesday.
Under the deal, Russia’s oil output quota from June to the end of this year is 8.98 million bpd.
“Russia has reached the levels that we voluntarily took on as a production obligation, which is 9 million barrels per day,” Novak told reporters on the sidelines of the Valdai Discussion Club meeting in the Black Sea resort of Sochi.
OPEC+ has been curbing output in order to balance the volatile global markets of oil, sales of which are crucial for the Russian economy.
On Sunday, OPEC+ agreed to delay a planned December oil output increase by one month, as weak demand notably from China and rising supply outside the group maintain downward pressure on the oil market.
Countries’ compliance with agreed output curbs has been in focus, particularly that of Iraq and Kazakhstan, which have been pumping above targets and have promised additional cuts to compensate for the excess.
“We will have to ensure that this trust is… maintained,” Novak said about the pledges to curb oil production.
He said that OPEC+ is due to gather in early December to define production policy from January. He said it was not clear if the meeting will be online or in person.
(Reporting by Vladimir Soldatkin; Writing by Anastasia Teterevleva; Editing by Mark Trevelyan and Bernadette Baum)
