Russian oil companies increasing investments to boost output within OPEC+, process is complex - Novak

ASHGABAT. Dec 12 (Interfax) - Russia has been gradually boosting oil production as part of the increase in the OPEC+ quota, though the process is complex, Deputy Prime Minister Alexander Novak told reporters when commenting on the failure to reach the production quota in November.

"Growth [in oil production] is underway. We also increased in November compared to October, meaning that we are gradually approaching the quota. We were previously compensating for excess production, and we are now gradually approaching the volumes stipulated in the quotas," Novak said.

"Companies are boosting production and working hard," Novak said in response to whether Russia would reach the level of oil output set in the quotas in December

"This is a complex process, as production has been declining for a long time, so it now requires additional investment. Accordingly, companies are boosting production in line with the quotas," Novak said.

The published OPEC report indicates that Russia produced 9.367 million barrels of oil per day in November versus the quota of 9.532 million bpd, according to secondary sources of information that are authorized to assess the production of all participants in the OPEC+ agreement.