ByTsvetana Paraskova– Feb 12, 2025, 8:30 AM CST
Russia is fully complying with its oil production quota under the OPEC+ output deal in January and February, Russian Deputy Prime Minister Alexander Novak said on Wednesday.
Moscow classified oil and gas production and export data after the invasion of Ukraine and the sanctions and embargoes that the West imposed on Russian oil in an effort to reduce Putin’s revenues.
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OPEC, the larger OPEC+ group that includes Russia, and market analysts and watchers are relying on estimates from independent sources and vessel-tracking data to monitor and analyze how much crude Russia is really pumping and supplying to international markets.
“We were exactly 100% compliant with our quota” in January, Novak told reporters today, as quoted by Russian news agency Interfax.
“We always fulfil at 100%. Independent sources have their estimates, errors occur,” said Novak, who is Russia’s top oil official and represents the country at the OPEC+ talks and meetings.
Russia will comply 100% with its quota for February, too, the official added, noting that Russia will also proceed as planned to compensate in the coming months for previous overproduction in the OPEC+ deal.
Russia has been overproducing above its OPEC+ quota for the most part of the past couple of years. Moscow, as well as Kazakhstan and OPEC’s second-largest producer, Iraq, have pledged to compensate for previous overproduction with deeper cuts this year.
The cumulative overproduction in the first six months of 2024 was about 1.184 million bpd for Iraq, 620,000 bpd for Kazakhstan, and 480,000 bpd for Russia, OPEC said back then.
Russia’s plan envisages Moscow mostly compensating for its overproduction in the months March to September, due to the more challenging conditions in the winter.
Earlier this week, estimates emerged that Russia’s crude output fell to 8.962 million barrels per day (bpd) in January, 16,000 bpd below its target under the OPEC+ supply agreement.
By Tsvetana Paraskova for Oilprice.com
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