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Russia, OPEC have no contradictions on compensation for oil overproduction — Novak

At the same time, the minister noted that the volume of Russian oil overproduction is insignificant and it will be eliminated in accordance with the schedule that was sent to OPEC

MOSCOW, July 25. /TASS/. Russia and OPEC have no contradictions on the issue of compensation for oil overproduction, the schedule was previously agreed with the organization, Russian Deputy Prime Minister Alexander Novak told reporters.

"We don't have, as you say, friction. We are focused on ensuring market balance and compliance with agreements. We are in constant contact with our colleagues," he said.

At the same time, Novak noted that the volume of Russian oil overproduction is insignificant and it will be eliminated in accordance with the schedule that was sent to OPEC.

The OPEC Secretariat said on Wednesday that it had received plans from Iraq, Kazakhstan, and Russia to compensate for oil overproduction from July 2024 to the end of September 2025. According to it, Russia will reduce production by 480,000 barrels per day, Iraq - by 1.184 mln barrels per day, and Kazakhstan - by 620,000 barrels per day.

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Alexander Novak

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