MOSCOW, March 7. /TASS/. OPEC+ countries recommended that those alliance members that produced bigger oil volumes that it was agreed review their production schedules and speed up compensation for their "debt" on production cuts, Russian Deputy Prime Minister Alexander Novak told reporters.
"There are recommendations [by OPEC+]. We have compensation schedules, accordingly, the [OPEC] call on the countries in the communique - for each country to look at the possibility of shifting the compensation schedule to earlier dates" he said.
Commenting on the violation of obligations under the OPEC+ deal by Kazakhstan, which did not reduce production to the required level, Novak noted that OPEC+ proceeds from the fact that all countries of the alliance must fulfill all obligations in full in accordance with the agreements reached. "And the contribution of each should be proportionally equal, as is accepted by the existing quotas," the deputy prime minister added.
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.