MOSCOW, December 5. /TASS/. OPEC+ members would be ready to increase oil production cuts in the Q1 of 2024 to remove profiteering and restrict volatility in the global market. The decision by OPEC+ to lower oil production by 2.2 mln barrels per day in the Q1 of 2024 helps the world to navigate through a period of low demand painlessly, Russian Deputy Prime Minister Alexander Novak said in an interview with TASS.

"The timely actions of OPEC+, thanks to which an additional 2.2 mln barrels per day will not enter the market in the first quarter of next year, will allow the period of low demand to pass painlessly in the first quarter of 2024," the minister said.

"I would also like to note that if the current measures are not enough, OPEC+ countries are ready to take additional measures to eliminate profiteering and volatility," he said.

According to Novak, Russia intends to honor commitments on the voluntary reduction of oil and fuel supplies within the OPEC+ framework by 500,000 barrels per day (bpd) since January 2024 in full scope. "Russia fully confirms on its part the commitment to agreements on the additional voluntary reduction of oil and petroleum products exports by 500,000 barrels per day, starting from January 2024 [300,000 bpd of oil and 200,000 bpd of petroleum products -TASS]. I can note we will start moving towards delivering this indicator from the current goal of 300,000 bpd of export cuts as early as in December," Novak said.

Russia will continue interacting with independent sources for the correct assessment of the oil market status after voluntary cuts of supplies, the Deputy Prime Minister noted. "We will continue working with independent sources, so that they can correctly assess the market condition in view of voluntary constraints," he added.

On November 30, OPEC+ countries decided to reduce oil supplies by 2.2 mln barrels per day. Saudi Arabia will reduce by 1 mln bpd, Russia - by 500,000 bpd (300,000 bpd will be for oil and 200,000 bpd for fuel). The remaining participants in the deal will reduce oil production by another 700,000 bpd: UAE - 163,000 bpd, Kuwait - 135,000 bpd, Kazakhstan - 82,000 bpd, Algeria - 51,000 bpd, Oman - 42,000 bpd, Iraq - 211,000 bpd.