Published by Global Banking & Finance Review®
Posted on September 7, 2025
1 min readLast updated: January 22, 2026
Add as preferred source on GoogleRussia confirms full compliance with OPEC+ commitments, ensuring a balanced oil market, according to Deputy PM Alexander Novak.
MOSCOW (Reuters) -Russia is fully compliant with its OPEC+ commitments, Russian Deputy Prime Minister Alexander Novak said on Sunday.
Eight OPEC+ members agreed to raise oil production by 137,000 bpd in October, the group said in a statement.
The oil market is balanced, and the deal is being implemented on a very high level, Novak said, speaking on state TV after the group meeting.
"We agreed that we would monitor the market situation. We will have opportunities in the future, also meeting monthly, to make decisions in one or another direction depending on the state of the market", he added.
"As far as Russia is concerned, we are fulfilling our obligations in full. Both in terms of compensation and in terms of increasing volumes that were agreed in previous periods."
(Reporting by Reuters; editing by Guy Faulconbridge)
Alexander Novak stated that Russia is fully compliant with its OPEC+ commitments.
OPEC+ members agreed to raise oil production by 137,000 bpd in October.
Novak mentioned that the oil market is balanced and that the deal is being implemented at a very high level.
Yes, Novak indicated that they will monitor the market situation and hold monthly meetings to make decisions based on market conditions.
Russia is fulfilling its obligations in full, both in terms of compensation and increasing volumes agreed upon in previous periods.
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