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OPEC+ still keeps plan to restore oil output from April — Russian Deputy PM

Alexander Novak also stressed that OPEC+ oil production quotas will remain in place until the end of 2026

MOSCOW, February 3. /TASS/. OPEC+ countries are still maintaining their decision to begin restoring oil production from April, but will monitor the situation on the oil market on a monthly basis, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel following a meeting of the OPEC+ Ministerial Monitoring Committee.

"Of course, we will continue to monitor it on a monthly basis. So far, the decisions that were made remain in force," he said.

"According to the schedule of gradual increase in production, from April 1, over the course of a year and a half, we must ensure a partial restoration of the voluntary reduction that was adopted in 2023," he added.

Novak also stressed that OPEC+ oil production quotas will remain in place until the end of 2026.

Earlier, the OPEC+ Ministerial Monitoring Committee decided not to change the decisions on oil production made at the alliance's meeting on December 5. At that time, OPEC+ countries also agreed to extend voluntary production restrictions of 2.2 million barrels per day for the entire first quarter of 2025 amid low winter demand. The gradual exit from these restrictions will last until September 2026.