MOSCOW, November 1. /TASS/. Russia and Kazakhstan intend to fully compensate overproduction of oil within the OPEC+ framework and the countries will forward updated compensation schedules to the OPEC Secretariat, the office of Russian Deputy Prime Minister Alexander Novak told reporters in conclusion of his telephone conversation with Energy Minister of Kazakhstan Almassadam Satkaliyev.

"The parties stressed importance of the OPEC role in stabilizing global oil market and the need to cooperate and abide by agreements, including the voluntary production cut and the compensation for any surplus above agreed levels. When ending the telephone conversation, both parties affirmed full commitment of their countries to the agreement and voluntary cuts and their commitment to the compensation in accordance with updated schedules that will be presented to the OPEC Secretariat," the office said.

This will contribute to stability of global oil market and support of the global economy, the office added.

According to the schedule posted on the OPEC website, Russia is to reduce production by 480,000 barrels per day in total by the end of September 2025 by small pieces in individual months.