Russia has potential to increase oil output, not planning to revise OPEC+ compensation schedule - Novak

MOSCOW. Oct 15 (Interfax) - Russia does not plan to submit a new compensation schedule to the OPEC+ secretariat, and the country has potential to increase oil production, despite the fact that it was less than the set quota in September, Deputy Prime Minister Alexander Novak told reporters on the sidelines of Russian Energy Week-2025.

"Firstly, we're compensating part of the overproduction that was accumulated from the start of 2024. This is one of the factors. The second thing is that we're increasing [production]. The process is not as fast as anticipated, since both reducing and increasing production is an inertial process," Novak said.

Russia is continuing to work according to the current compensation schedule, which calls for cutting 34,000 bpd per month to the end of the year. "We're not planning to revise it," Novak said.

He said Russia has potential to increase production, but did not provide specific targets.

Speaking about current prices for oil, Novak said they "reflect the existing balance."

Russia produced 9.321 million bpd of oil in September, which was 94,000 bpd less than its quota, OPEC data showed. In August, the country lagged the quota by 86,000 bpd with output of 9.173 million bpd.