OPEC+ countries have not yet asked for increased quotas to compensate for lost revenues after opening of Strait of Hormuz - Novak

ST. PETERSBURG. June 4 (Interfax) - There are currently no discussions in OPEC+ about increasing oil production quotas for a series of OPEC+ countries in order to compensate for lost revenues following the opening of the Strait of Hormuz, Russian Deputy Prime Minister Alexander Novak told journalists at the sidelines of the St. Petersburg International Economic Forum (SPIEF 2026).

"These matters are not currently being discussed," he said.

Against the backdrop of the conflict in the Middle East and ensuing closure of the Strait of Hormuz, countries in the Persian Gulf, almost all of whom are part of the OPEC+ agreement, were forced to significantly decrease oil production.

According to OPEC, Saudi Arabia produced 6.77 million barrels per day (bpd) in April, which was 3.4 million bpd below the quota, Iraq produced 1.389 million bpd, 2.91 short of the quota, Kuwait produced 600,000 bpd, almost 2 million bpd short, the UAE produced 2.02 million bpd, 1.4 million bpd short, and Bahrain produced 55,000 bpd, 141,000 bpd short.