Investing.com -- Russia expects to reach its OPEC+ oil production quota by the end of 2025 or early 2026, according to Deputy Prime Minister Alexander Novak.
"I think this (will happen) in the next few months, maybe by the end of the year or early next year. We’ll see how companies do," Novak told reporters on Wednesday when asked about the timeline for meeting the quota.
Get more stock picks by Wall Street analysts by upgrading to InvestingPro - get 55% off today
Russia’s current quota for November stands at approximately 9.5 million barrels per day.
Novak indicated that Russia is steadily increasing oil production in November, with the growth rate slightly exceeding that of October. Last month, the country fell short of its quota by 70,000 barrels per day.
The Russian government has maintained its forecast for liquid hydrocarbon production at 510 million tons for the current year, according to Novak.
He also stated that U.S. sanctions imposed in October against Russian oil giants Rosneft and Lukoil have not affected oil production in Russia. These sanctions were implemented in response to stalled peace talks regarding Ukraine.
Novak confirmed that Russia has fully completed compensating for its previous oil overproduction under the OPEC+ agreement and does not plan to voluntarily reduce output.