Russia intends to fully compensate oil produced in excess of OPEC+ quota in Aug-Sept - Novak

ALMETYEVSK. July 11 (Interfax) - Russia finish compensating oil produced in excess of OPEC+ quota on schedule, Russian Deputy Prime Minister Alexander Novak told journalists on the sidelines of the Oil Summit of the Republic of Tatarstan.

"We will finish [compensating for overproduction] in August-September," Novak said.

Asked about the alliance's plans to early wind down voluntary cuts as soon as September, he said: "I cannot comment on future decisions. We meet every month."

Eight OPEC+ member states, namely Saudi Arabia, Russia, Iraq, UAE, Algeria, Kuwait, Kazakhstan and Oman that had voluntarily cut oil production by 2.2 million bpd in 2023 started to relax their restrictions in April. Parties to the deal started to accelerate production growth in May. The countries have an estimated 281,000 bpd of the 2.2 million bpd limit restrictions to out on the market.

Schedules are in effect for some of the eight to compensate oil produced in excess of the quota. Russia is obliged to compensate for 0.7 million bpd of excess production by the end of September.

OPEC has said that increasing quotas would give member countries the opportunity to speed up compensation.