OPEC+ participants note high level of agreement fulfilment, virtually all countries at 100% fulfilment - deputy Russian PM
MOSCOW. Feb 3 (Interfax) - The level of fulfilment of the OPEC+ agreement is high, with almost all participants producing in accordance with their commitments, Russian Deputy Prime Minister Alexander Novak said in an interview with Rossiya 24 TV channel (VGTRK) following the latest meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC).
"A high level of fulfilment has been noted [with the OPEC+ agreement]. Production has been reduced slightly more than the total quota amount set. Many countries have caught up, aligned, and almost all are at 100% [of quota fulfilment]," Novak said.
During the meeting, the topic of U.S. President Donald Trump's calls for the alliance to increase production to reduce oil prices was briefly discussed, Novak said. However, Interfax's sources said that this issue was not widely debated during the committee meeting, nor was the topic of U.S. tariffs on Canada, Mexico, and China.
The ministers of OPEC+ member countries expressed their overall commitment to the current parameters of the agreement, Novak said.
"The agreement is in effect until the end of 2026. I am confident that this is in the interests not only of exporters, but first and foremost of consumers, because it is very important to maintain this balance of interests, as the market is quite complex, with very long investment cycles and capital-intensive markets," Novak said.
"It is important that investments are made, and the joint actions being carried out within OPEC+ by over 20 countries since 2016 are a wholly good instrument. The results we see in the market - the gradual recovery of investments, the balance of supply and demand - are the goals for which the agreement is in effect," he said.
The decision made previously to gradually increase oil production by OPEC+ voluntary participants is still in effect, but the alliance will continue its monthly monitoring of the global market situation, he said.