GROZNY, July 15. /TASS/. Russia does not expect an imbalance in the global oil market if OPEC+ countries increase production this fall, Deputy Prime Minister Alexander Novak told reporters.

"Now we have such an option [to increase production in the fall], we will evaluate the current situation. The market will always be balanced thanks to our actions," Novak said, answering a question about the market's ability to withstand an increase in production by OPEC+ countries.

The OPEC+ agreement includes 8 countries that extended the voluntary oil production cut by 2.2 mln barrels per day (bpd) for the Q3. The alliance is committed to these measures to balance the oil market from the beginning of 2024. Starting in October, OPEC+ countries plan to begin a gradual restoration of production that will last until October 2025.