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OPEC+ countries will perform voluntary production cuts — Novak

The agreement has performance above the target lately because there is a range of counties not taking up their quotas, Russian Deputy Prime Minister said

Russia's Deputy Prime Minister Alexander Novak Sergei Karpukhin/TASS

Russia's Deputy Prime Minister Alexander Novak

© Sergei Karpukhin/TASS

VIENNA, June 5. /TASS/. Commitments on voluntary reduction of oil production assumed by certain OPEC+ countries will be honored, Russian Deputy Prime Minister Alexander Novak said on the air with the Rossiya-24 TV channel.

"The agreement has performance above the target lately because there is a range of counties not taking up their quotas. As regards the decisions made on voluntary reduction since May, third party source data will be available in mid-June but we see from discussions, from the exchange of opinions between heads of delegations, that these agreements are performed, including Russia performing in full scope. That is why I am confident that the reduction announced additionally since May 1 will be implemented," Novak said.

Russia will extend its voluntary oil production cut by 500,000 barrels daily until the end of December 2024, the deputy prime minister said earlier.

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