Moscow — Russia is set to reach its OPEC+ oil production quota by the end of 2025 or early 2026, Deputy Prime Minister Alexander Novak told reporters on Wednesday.
“I think this (will happen) in the next few months, maybe by the end of the year or early next year. We’ll see how companies do,” Novak said when asked when Russia would reach its quota.
Russia’s quota for November is approximately 9.5 million barrels per day.
Novak said Russia was steadily increasing oil production in November and the growth rate was slightly higher than in October, when the country fell short of its quota by 70,000 barrels per day.
Novak said Russia has not changed its liquid hydrocarbon production forecast for the current year, maintaining it at 510 million tons.
He said that U.S. sanctions against Rosneft and Lukoil, imposed in October in retaliation for the stalling of peace talks on Ukraine, have not impacted oil production in Russia.
He said that Russia has fully completed compensating for its previous oil overproduction under the OPEC+ deal and that it does not plan to voluntarily reduce output.
Domestic fuel prices have stabilised thanks to export curbs, reduced demand and refineries returning from maintenance, while retail prices have begun to decline, Novak added.
Reporting by Olesya Astakhova, Writing by Felix Light; Editing by Mark Trevelyan – Reuters
