Russian news outlet Interfax had the comments from Novak on Tuesday:
- "We have nearly reached it [the required level of oil output within OPEC+]. We are close to it. We have somewhat 'underperformed' the target at full volume, so to speak,"
- said that the Energy Ministry would send the OPEC Secretariat a schedule for offsetting the barrels produced above the quota going forward. Countries that have not reduced production enough as per the OPEC+ agreements will offset those volumes until the end of September 2025.
More here on the numbers.
Oil has traded lower in H1 of the week
