Russia announces that it will complete 100% joint production cut with OPEC+ in March

Published at: 07/03/2025 06:01 PM

The Deputy Prime Minister of the Russian Federation, Alexandr Novak, reaffirmed that his country will fully comply with its obligations under the Organization of Petroleum Exporting Countries plus (OPEC+) agreement, despite the fact that there may be minor obstacles during this month of March.

“In March, we will also meet our commitments under the agreement. Given our volumes, we aim to meet 100% of our obligations. There may be some small deviations,” he emphasized during a press conference.

He also mentioned that Russian oil production in January-February was below the OPEC+ quota, which is due to commitments to compensate for overproduction.

OPEC and its independent allies, Azerbaijan, Bahrain, Brazil, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan, set production quotas as part of an agreement to stabilize the market.

Mazo News Team