Novak says Sunday's OPEC+ meeting will cover quotas, points to steady course
Russia's deputy prime minister says the group will review market conditions and quota compliance, not fresh supply changes
Published
Russian Deputy Prime Minister Alexander Novak said OPEC+ members will discuss oil market conditions and quota fulfilment when they meet on Sunday. He also said Russia is using a moderately conservative scenario in forecasting its own oil production for 2027.
Delegates had already signaled before the weekend that Sunday's session would be a compliance review rather than a forum for new cuts or increases. OPEC+ has pushed its wider capacity review to mid-November, after member countries failed to submit all the output data needed to complete it.
Novak's remarks on 2027 production are a domestic planning detail and do not bear on near-term quotas. They come as Russia keeps its diesel export ban in place through October, extended after a wave of refinery strikes. Novak has separately floated easing that ban if a diesel oversupply emerges.
OPEC+ has told delegates to expect a rollover of output levels for November. Novak's comments confirm that holding pattern rather than changing it, leaving Sunday's meeting as a check on compliance rather than a decision point for supply.