Saudi Arabia, Russia and several other oil producers from the 10-nation OPEC and its non-member partners, called OPEC+, announced in April that they would voluntarily take a total 1.16 million barrels of crude per day off the market over May-December 2023 in a bid to prop up prices.
OPEC+ agreed at a meeting on Sunday to extend voluntary cuts through December 2024.
"We have been over-performing on our agreements lately. Some countries have not been meeting 100% of their [oil production] quotas. The decisions we made regarding voluntary cuts from May — we will have independent data on them in mid-June. Judging by our opinion exchange, these commitments are being upheld in full, including by Russia," Novak told Rossiya 24 television channel after the Vienna talks.
The former Russian energy minister said that the global oil market appeared to be in balance, although demand edged upwards at the start of the summer vacation season on the back of rising gasoline and jet fuel consumption.
OPEC+ agreed at the meeting on Sunday to adjust their cumulative production to 40.46 million barrels per day over January-December 2024. Russia said it would extend its voluntary production cut of 500,000 barrels per day until the end of 2024, while Saudi Arabia said it would make an extra 1 million cut to its daily production from July, on top of a 500,000 cut that was likewise extended through December 2024.