Russia fulfills its obligations to OPEC+ agreement 95%

Baku. 3 May. REPORT.AZ/ Russia has fulfilled its obligations on the Vienna agreement reached on reduction of oil production by member states of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries by 95.2% in April.

Report informs citing the RIA Novosti, Russian Energy Minister Alexander Novak said.

He said fluctuations in the production of liquefied hydrocarbons in April are due to the increased activity in Production Sharing Agreement (PSA) projects. Minister noted that, Russia is committed to achieving balance in the oil market and adjusting the volatility factors in production.

Notably, on November 30, 2016, OPEC countries have agreed to reduce daily oil output by 1.2 mln barrels to keep it at 32.5 mln barrels/day. On December 10, in Vienna, 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels. Within the 172nd meeting of the OPEC Ministerial Council on May 25, 2017, OPEC and non-OPEC states agreed to extend the contract on oil production cut till the end of I quarter, 2018. At the third meeting of OPEC member-states and non-cartel ministers within the framework of the 173th meeting of the OPEC Ministerial Council on November 30, 2017, a decision was made to extend the agreement on production cutting by late 2018.

Russia has a commitment to reduce its daily production by 300,000 barrels. Russia reduced its oil production by 285.6 thousand barrels per day from the figure recorded in April 2016.