Novak noted the high level of execution of the OPEC+ deal

OPEC+ shows a very high level of execution of the deal based on the results of seven months. This was announced on September 7 by Russian Deputy Prime Minister Alexander Novak.

"[OPEC+] shows a very high level of performance. <...> As for Russia, we are fulfilling our obligations in full, both in terms of compensation and in terms of increasing the volumes that were accepted in previous periods," he said on the Rossiya 24 TV channel.

Novak added that the acceleration of global economic growth in 2025 creates conditions for an increase in oil production by OPEC+ countries, stressing that the current oil market is balanced.

Free entry: OPEC declares openness to new members

Which formats of the organization's development are most likely?

During the meeting on August 3, eight OPEC+ countries decided to increase oil production quotas by 547,000 barrels per day, as well as to begin a gradual and flexible return to voluntary production adjustments of 2.2 million barrels per day. Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria and Oman participated in the negotiations.

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