MOSCOW, March 7. /TASS/. OPEC+ countries are ready to start cutting production again in case of disruptions in the oil market, Russian Deputy Prime Minister Alexander Novak told reporters.

"We will monitor the market. If there is an imbalance in the market, we can always adjust in the other direction," he said.

Novak also noted that OPEC+'s decision to increase oil production starting from April is driven by preparations for the upcoming season of peak demand for oil products, and is not linked with the performance of individual participants or other external factors.

"We are approaching the spring and summer when demand for oil products increases. Therefore, demand will grow, and there is an opportunity [to increase production]. After all, these were voluntary decisions, and the reduction itself was necessary by nature," Novak said.

He pointed out that the possibility of increasing oil production by OPEC+ countries had already been taken into account by the market, so this did not lead to significant volatility.

"The price is not very volatile," Novak said. According to him, Russia intends to 100% fulfill the OPEC+ deal in March, but slight deviations in one direction or another are possible.

 

About OPEC+ decision

 

Since the beginning of 2024, eight OPEC+ countries, including Russia and Saudi Arabia, have voluntarily reduced oil production by 2.2 million barrels per day (bpd) to stabilize the market. A gradual exit from these restrictions will start in April 2025.

Meanwhile, three OPEC+ countries did not fully fulfill their obligations to reduce production and should compensate for the unmet volumes. Among the "debtors" are Iraq, Kazakhstan, and Russia.

According to OPEC’s February report, in January 2025, Russia brought its production to the level required by the OPEC+ deal. Nevertheless, Iraq will exceed its obligations by 119,000 bpd, and Kazakhstan - by 135,000 bpd.

As Reuters reported citing sources, it was the overproduction by Kazakhstan that was one of the reasons why OPEC+ decided to start increasing production in April. The agency's sources noted that this has a negative impact on compliance within OPEC+, so the alliance will push Kazakhstan harder to compensate for the insufficiently reduced production. Kazakhstan's Energy Minister Almasadam Satkaliyev assured journalists that the country will take all necessary measures to reduce production and fulfill its obligations under the OPEC+ agreements.