MOSCOW, December 27 Russia is a responsible member of OPEC+, companies fulfill all obligations related to export restrictions, Russian Deputy Prime Minister Alexander Novak said in an interview with the TV channel » Russia 24″.
“Russia is a responsible participant in such an agreement… I would like to note that the agreement was first signed on December 10, 2016. In December of this year, exactly seven years have passed since the interaction of the OPEC+ countries in order to ensure the stable operation of markets, stable income flows to the budgets of exporting countries, stable supply of consumer countries and the formation of the necessary volumes of investment for the normal operation of the industry for the long term,” he said.
“And, of course, our companies fulfill their obligations, and voluntarily, since this is in the nature of voluntary participation. It is clear that quotas are distributed in proportion to the total production volumes in the country. And we, having assumed obligations, fulfill (them — ed.),” — Novak added.
OPEC+ is cutting oil production in 2023, setting quotas by 2 million barrels per day below the August 2022 level. From the beginning of 2024, quotas will be reduced by another 1.4 million barrels per day. A number of OPEC+ countries, including Russia and Saudi Arabia, also have “voluntary” (additional) reductions above quotas, totaling 1.66 million barrels per day, which are valid until the end of 2024.
In addition, Saudi Arabia is now further reducing production by 1 million barrels per day, and Russia is reducing exports by 300 thousand. In the first quarter of 2024, these measures will be supplemented by “voluntary” production cuts by other OPEC+ countries by 700 thousand barrels per day, and the Russian Federation will increase the reduction in exports to 500 thousand.