Russia has been gradually raising its oil production and was close last month to meeting the output quota agreed by the OPEC+ group of leading oil producers, Deputy Prime Minister Alexander Novak said on Wednesday, the Interfax news agency reported.

Russia’s energy sector has been under serious strain in the past two months due to a wave of Ukrainian drone attacks on its oil and gas infrastructure, mainly targeting oil refineries.

The attacks, along with disruption to logistics chains, have led to shortages of some popular types of gasoline in several regions, prompting the government to extend a gasoline export ban and declare a partial ban on diesel exports.

Novak was cited as saying that there was no need to further restrict diesel exports and that domestic oil refineries had increased fuel production.

“Overall, there is a balance between supply and demand. And today, we’re addressing any logistical issues that arise as usual. So, there are no major problems,” Novak was quoted as saying when discussing domestic fuel supplies.

The Organization of the Petroleum Exporting Countries and its allies, led by Russia, a group known as OPEC+, have been unwinding previously agreed oil production cuts to regain market share from rivals such as U.S. shale producers.

According to OPEC, Russian oil production increased in August to 9.173 million barrels per day, up 50,000 bpd from July.

Russia’s OPEC+ production quota stood at 9.415 million bpd in September. No last-month production data has been available.
Source: Reuters