The OPEC+ countries fully ensure the increase in oil production within the agreed schedule. It is too early to talk about changing quotas amid rising oil quotations, Russian Deputy Prime Minister Alexander Novak told reporters.
"It's too early to talk about it now. We have all supplies secured. The increase is in accordance with our general agreed schedule, decisions for April have been made," he said.
At the same time, Novak added that he has no information about the possibility of increasing quotas amid rising global oil prices.
OPEC+ countries have been reducing oil production since May 2020 to stabilize the market, but as the plan is implemented, they will restore it. Since August 2021, they have been sticking to the schedule of increasing oil production by 400 thousand barrels per day (bpd) per month, but due to the lack of spare capacity, they do not always reach the target levels.
For example, OPEC+ countries were supposed to increase oil production by 400 thousand bpd in February 2022, but were able to do so only by 130 thousand bpd, or 32% of the plan. Overall, the deal to reduce oil production in February was fulfilled by them by 137% against 127% a month earlier.
GSV "Russia - Islamic World"
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Based on materials from TASS