Russian energy minister Alexander Novak said Sunday his country will be fully compliant with Opec+ supply cuts over the coming weeks.

“As far as the meeting is concerned we, of course, discussed the situation with the execution of the agreement (and) we stressed once again that Russia is discharging its obligations in accordance with the agreement to smoothly achieve the target output,” Novak told CNBC, in Baku, Azerbaijan.

“As for the target output level that forms part of the signed agreement, we plan to reach those figures by the end of March (or) beginning of April. This is earlier than in the same period two years ago by about one month.”

Russia’s crude oil production to date is 140,000 barrels per day lower than the average daily rate for October 2018, Novak was quoted as saying by Russia’s Tass. The October 2018 average was taken as the basis for the cuts agreed to by Opec+ members.

But Russia agreed when the deal was made last December it would chop over 200,000 Bpd, more than half the non-Opec cut, which totals 400,000 Bpd, Kallanish Energy reports.

Novak’s comments come three months into the most recent round of production cuts from the Opec+ alliance, Kallanish Energy reports. The Middle East-dominated group, along with non-Opec producer-nations led by Russia, agreed to reduce output by 1.2 million barrels per day (Mmbpd) for six months, ending June 30.

Opec’s share is 800,000 barrels per day, to be delivered by 11 members, with Iran, Venezuela and Libya exempt from cuts.

The compliance rates in the first two months of the year were less than levels seen in 2017 and 2018, according to participants.

“There are still a lot of uncertainties in the markets linked to the decisions being taken regarding sanctions against certain countries that we consider a wrong move, going against market interests and in breach of international norms and international law,” Novak told CNBC, referencing U.S. crude sanctions against Venezuela and Iran.

This post appeared first on Kallanish Energy News.