No friction in OPEC+ due to Russia not complying with agreements, compensation schedule agreed - Novak

MOSCOW. July 25 (Interfax) - There is no friction with OPEC+ partners due to non-compliance with agreements, with a schedule to compensate having been approved, Deputy Russian Prime Minister Alexander Novak told reporters.

"We have, as you say, no friction. We are all focused on achieving a balanced market and complying with the agreements. We are in constant contact with our colleagues. I spoke with the ministers last week," he said.

Novak said he was confident the upcoming OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting on August 1 would be a constructive one.

"This is not the first JMMC to be held, there'll have been more than 50 of them, and we always have constrictive discussions," he said.

Novak said the compensation schedule for Russia's under-reduction of oil output in April-June had been cleared with OPEC.

"The fact that we are under-fulfilling isn't a big deal at all. These are gaps that will be eliminated, and commitments will be honored. Of course [the cartel is satisfied with the compensation schedule] and yes, our commitments were discussed with OPEC," he said.

At the last OPEC+ meeting in June, it was agreed that countries that under-reduced oil production in the first half of the year would compensate for them until September 2025. On July 24, OPEC published a compensation schedule: Iraq must compensate 1.184 million bpd, Kazakhstan - 620,000 bpd and Russia - 480,000 bpd.