Vladimir Putin’s top oil advisor stated on Thursday that there was no friction with the OPEC+ oil cartel despite Russia exceeding its crude production quotas.
Russia unexpectedly announced that its June crude oil production surpassed the quotas set by OPEC+ but assured that it would resolve the issue and adhere to the agreed output levels this month.
This announcement sparked speculation among oil traders about potential tension between Saudi Arabia, the world’s largest exporter and leader of the Organization of the Petroleum Exporting Countries, and Russia.
OPEC and its allies, including Russia, collectively known as OPEC+, have implemented significant output cuts since late 2022.
When asked by reporters in Moscow if Arab members of OPEC+ were displeased with Russia’s overproduction, Russian Deputy Prime Minister Alexander Novak responded, “We have no friction.”
He added, “What we are under-fulfilling is very meagre. These are errors that will actually be eliminated, secured, and obligations will be fulfilled.”
An industry source informed Reuters that Novak had a call last week with Saudi officials, who expressed concern about Russia’s overproduction.
“I spoke with the minister [of Saudi Arabia] last week,” Novak confirmed, without providing further details.
