TYUMEN, September 20. /TASS/. Gazprom Neft fully complies with the terms of the OPEC+ deal, supplying oil for export in accordance with quotas, the company’s CEO Alexander Dyukov told reporters.

"We export oil in accordance with the quotas that were made known to us by the Energy Ministry," he said on the sidelines of the TNF Industrial and Energy Forum.

According to Dyukov, the company increased oil refining this year to the maximum possible, responding to the situation in the country's fuel market.

In early August, Russian Deputy Prime Minister Alexander Novak said that Russia is fully fulfilling its obligations to voluntarily reduce production, and now the figure remains at 9.5 million barrels per day (bpd).

In March, Russia began to voluntary cut oil production by 500,000 bpd from the February average. The validity of this reduction was extended several times - first until June inclusive, then until the end of 2023. And after the OPEC+ meeting held on June 4 in Vienna, the decision on a voluntary production reduction was extended until the end of 2024.

In August, Russia also reduced oil supplies to world markets by 500,000 bpd in addition to its production reduction obligations, and in September it intends to reduce exports by 300,000 bpd. At the beginning of September, the decision to reduce supplies by 300,000 bpd was extended until the end of the year. However, Novak noted that Russian oil companies will independently decide whether to reduce oil production or exports as part of the task of reducing supplies.

The TNF Industrial and Energy Forum (formerly the Tyumen Oil and Gas Forum) is the main industry platform in Russia, bringing together suppliers and customers to find and implement joint solutions in the energy sector. The forum takes place from September 18 to 21 in Tyumen. TASS is the forum’s general information partner.