Current level of fulfillment of OPEC+ obligations exceeds 100% - Russian deputy PM

MOSCOW. Dec 5 (Interfax) - The current level of fulfillment of OPEC+ obligations by the organization's member countries exceeds 100%, Deputy Prime Minister Alexander Novak said on the Russia 24 television channel.

"The level of fulfillment of the OPEC+ agreement is over 100%. Some countries that were required to compensate have submitted their compensation schedules to the OPEC Secretariat and will ensure adherence to their quotas and compensate for production as agreed with the Secretariat," he said.

Today's OPEC+ ministerial meeting, which involved 23 countries, discussed the current market situation, forecasts for the coming months and member countries' fulfillment of the agreement, he said. "The high level of fulfillment of the agreement was emphasized," he said.

"Key decisions made include extending the basic agreement, initially valid until the end of 2025, to the end of 2026. Secondly, it was agreed that starting January 1, 2025, the restoration of production under voluntary agreements announced by eight countries, including Russia, Saudi Arabia and others, totaling 2.2 million barrels per day, would begin. Today, a decision was made to postpone this recovery by three months to April 1, 2025. The recovery period will be extended to 18 months, from April 1, 2025, to October 1, 2026, for a smoother recovery. This decision primarily aims to avoid releasing additional volumes into the market during the winter demand period, when it [demand] is lower compared to summer, thus preventing market destabilization," Novak said.

The compensation period for countries required to compensate for missing production cuts has been extended until July 1, 2026, allowing for a balanced reduction in production, he said.