OPEC+ alliance agreed last week to cut oil production by 2 million barrels per day from November and will take production levels agreed for August as a reference point. The move was made in response to uncertainty in global oil market outlooks, partly caused by Western sanctions on Russian energy deliveries and the G7 plans to introduce a price cap on Russian crude. The decision received backlash from the US, which demanded an increase in production to combat rising domestic prices.
"As for our company, we produce [oil] according to the quota, not above the quota. We will not be required to cut production volumes," Dyukov said in a televised appearance on the Rossiya 24 broadcaster.
The chair added that the physical reduction in oil production under the deal will be one million barrels per day.