Russia achieves 100% compliance with OPEC deal
Baku, Azerbaijan, May 18
By Leman Zeynalova – Trend:
For present, Russia has reduced its oil output by 300,000 barrels per day, as stipulated in the Vienna deal signed between OPEC and non-OPEC countries, Russia’s Energy Minister Alexander Novak told reporters May 18.
“On average, Russia cut its oil production by 260,000 barrels per day in April, as in early April, it was reduced by 200,000 barrels per day and then by 300,000 barrels per day as of late April,” RIA Novosti quoted the minister as saying.
In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.
Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce the output by 558,000 barrels per day starting from Jan. 1, 2017 for six months, extendable for another six months.
OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 barrels per day.
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