MOSCOW, July 23. /TASS/. Russia has almost reached the required level of oil output cuts within OPEC+, while deficient volumes will be compensated for, Deputy Prime Minister Alexander Novak told reporters.

"We have almost reached it, close to it, we have slightly fell short of fulfilling [cuts] in full," he said.

Russia’s energy ministry will draft a schedule for output compensation, Novak added. "The energy ministry will provide a schedule, with respective barrels to be compensated for at the expense of future volumes," he said.

Eight countries participating in the OPEC+ agreement have extended voluntarily reduction of oil production by 2.2 mln barrels per day to Q3. The alliance has been sticking to those policies aimed at balancing the oil market since the beginning of 2024. Starting October, OPEC+ nations plan to start a gradual recovery of output that will last until October 2025.

Russia’s Energy Ministry said earlier that the country’s oil output within voluntary cuts on the OPEC+ agreement was slightly higher in April and May due to technical difficulties related to output reduction.

According to calculations by the International Energy Agency (IEA), Russia fell short of fulfilling its voluntary cuts within OPEC+ agreements by 240,000 barrels per day in June, while OPEC believes that the country’s production exceeded the plan within those agreements by 161,000 barrels per day.