Russia gradually increasing oil production, almost reached OPEC+ quota in Sept - Novak

MOSCOW. Oct 8 (Interfax) - Russia is gradually increasing oil production and almost fulfilled its OPEC+ production quota in September, Russian Deputy Prime Minister Alexander Novak told journalists.

"Production is growing, and we are growing it. It happens by inertia. Just as we are unable to decrease it quickly, we are increasing it steadily. We will fulfil our quota," he said, commenting on Russia's oil production in August, which was 90,000 barrels per day (bpd) below the permitted level.

"We were close to or on roughly the same level as the quota," Novak said, asked about Russia's oil production in September.

As reported, OPEC data showed that Russia produced 9.173 million bpd in August, compared to the 9.259 million bpd which it could have produced, taking into account the quota and the necessary compensations for earlier non-compliance with output cuts.

The countries recently published a new compensation schedule permitting Russia to produce 9.415 million bpd in September, 242,000 bpd more than the actual volume produced in August. Production figures for September have not yet been published.