3 Feb, 15:22

OPEC+ states exceed output cut quotas in November-December 2024 — Novak

Russia expects oil demand growth at 1.4 mln barrels per day in 2025, the deputy prime minister said, adding that last year it totaled 1.5 mln barrels per day

MOSCOW, February 3. /TASS/. OPEC+ countries managed to exceed their oil production cut quotas in November and December 2024, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel.

"A high compliance level was noted, meaning the output reduction was even slightly higher than suggested by the quotas," he said.

Russia expects oil demand growth at 1.4 mln barrels per day in 2025, Novak said, adding that last year it totaled 1.5 mln barrels per day. "The market situation is stable, we see growth of demand, and by the end of last year it grew by around 1.5 mln barrels [per day]. This year we expect growth [by] 1.4 mln barrels per day," he said.

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Alexander Novak

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