Moscow, Riyadh and Astana ready to compensate for OPEC+ overproduction of oil

Russia, Saudi Arabia and Kazakhstan intend to compensate for overproduction of oil within the quotas in OPEC +. This is reported on the website of the Russian government on November 27, following trilateral talks between Russian Deputy Prime Minister Alexander Novak and Saudi and Kazakh energy ministers Prince Abdulaziz bin Salman and Almasadam Satkaliev.

"The parties expressed their intention to compensate for any previously admitted overproduction of oil within their quotas," the report said.

In addition, the talks outlined the importance of cooperation between OPEC+ countries and discussed their commitment to the oil production cut agreement.

Earlier, Nov. 22, Novak said that Russia plans to continue developing cooperation with OPEC. He noted that he expects fruitful and joint work.

Before that, on September 26, Novak reported that the situation in the fuel market of the Russian Federation will remain stable until the end of the year, and fuel prices are growing within the inflation rate. In addition, he said then that Russia expects the global demand for oil to grow by 1.5 million barrels per day compared to last year. This demand will be provided by OPEC+ member countries and states that are not members of this organization.

On May 22, the Russian Ministry of Energy said that oil production in April was slightly higher than the established OPEC+ plan, and in the future the country is ready to compensate for this shortfall. The ministry said that in the first quarter of 2024, Russia consistently exceeded the terms of the deal in the organization, producing oil in quantities that were less than the established quotas.