Russia fulfilling its OPEC+ commitments 100% in Jan-Feb, adjustment of schedule for offsetting past violations possible

MOSCOW. Feb 12 (Interfax) - Russia is fulfilling its OPEC+ commitments 100% in January-February, Deputy Prime Minister Alexander Novak told journalists.

"We were at exactly 100% in meeting our quota - no more, no less. We always fulfill [it] 100%. Independent sources make their assessments, but there are inaccuracies," Novak said. The same situation can be expected in February, he said.

Russia also plans to follow the schedule for offsetting previously recorded overproduction violations, but if the country has previously produced less than its commitments, that will be taken into account, he said. "We will do that as well [follow the reduction schedule]. If independent sources assess it as over-compliance, then it will be credited," he said.

Russia has 480,000 barrels per day short of its obligations as of mid-2024, and, along with other countries "in the red", has submitted a schedule for compensating for the non-compensated volumes. The bulk of the repayments is for 2025 at 440,000 bpd. Russia should further reduce production by 16,000 bpd starting in March, then by 31,000 bpd in February, and then cumulatively. However, the countries continued to violate their respective obligations after June 2024, thus a new offset schedule should be submitted by the end of February. These violations must be offset by July 2026.