Russia has committed to fully meeting its OPEC+ quota for February, despite experiencing a decrease in oil refining activities, Russian Deputy Prime Minister Alexander Novak said on Tuesday.
Addressing concerns over potential adjustments in oil export strategy to compensate for the refining shortfall, Novak gave assurances that Russia ‘will fulfill its obligations’ in line with output adjustments agreed upon with OPEC+ members.
The OPEC+ agreement, which encompasses both oil and petroleum product supplies, mandates a reduction in production to stabilize global oil markets.
The country’s oil output has been capped by its commitment to the OPEC+ group of producers, with Moscow confirming last month that it would reduce output even further, with cutbacks of about 500,000 barrels per day (bpd)—300,000 bpd of crude and 200,000 bpd of oil products—scheduled to continue through the first quarter of the year.
In the meantime, Lukoil, a major Russian energy company, reported a temporary halt in operations at a unit of the Nizhniy Novgorod Refinery due to an incident in January.
The refinery, operated by Lukoil-Nizhegorodnefteorgsintez, stands as a significant player in Russia’s refining industry, boasting an annual oil processing capacity of 17 million tons.
