Novak said that OPEC+ countries discussed only increasing quotas at the last meeting.
The terms of compensation for previously allowed excess production of OPEC+ countries that participate in voluntary oil production cuts were not changed, representatives discussed only an increase in quotas. This was announced to journalists on May 9 by Russian Deputy Prime Minister Alexander Novak.
"No one changed the terms of compensation, the schedules did not change. We discussed only an increase in quotas, which, in turn, makes it possible, just within the limits of the quotas received, to accelerate compensation to those countries that must compensate for the excessive volumes that they produced in previous periods," he said in an interview with reporters.
On May 3, the OPEC+ website reported that Russia, Saudi Arabia, Iraq, Algeria, Kazakhstan, Kuwait and Oman, members of the organization, agreed to increase the target level of oil production by 188 thousand barrels per day in June. It is noted that the adjustment is carried out within the framework of commitments to maintain the stability of the global oil market and will be implemented in June 2026 relative to the level of additional voluntary restrictions.
On April 28, Reuters reported on the UAE's withdrawal from OPEC and OPEC+ organizations. The decision was made due to the closure of the Strait of Hormuz. According to UAE Energy Minister Al Mazroui, the country was also constrained in its influence on the global market due to the naval blockade of the strait.
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