Russia: There is no dispute with “OPEC+”, we will compensate for exceeding oil production quotas

Russian Deputy Prime Minister Alexander Novak told reporters on Thursday that his country will compensate for exceeding crude oil production quotas set by the partners in the OPEC+ alliance, explaining that there is no disagreement on this issue.

Russia’s crude oil production in June exceeded the quotas set by the OPEC+ alliance, but the Ministry of Energy pledged yesterday, Wednesday, to adhere to the required production level in July.

Novak stated that surplus production is a secondary issue and that Russia is in constant contact with its partners in OPEC+.

He expressed his expectations that the meeting of the joint ministerial monitoring committee of the coalition on the first of August would be constructive.

He added, “There is no disagreement… We are in constant contact with our colleagues.” He also stated that Russia does not plan to ban diesel exports and that the situation is stable.

Novak, the Russian oil official, said that Moscow does not intend to take additional measures to restore supplies of high-octane AI-95 gasoline to normal, adding that the difficulties facing supplies are temporary.