Russia to fulfill OPEC+ deal on output cut

Russia will fulfill the OPEC+ deal on cutting oil output, said Energy Minister Alexander Novak, Report informs.

The minister said the oil market is recovering, and demand for oil is gradually increasing.

According to the latest amendment in the ‘Declaration of Cooperation,’ the quotas for OPEC+ countries are set at 9.7 million barrels in May-June, 7.7 million barrels from July 1 until the end of 2020, and 5.8 million barrels from January 2021 to April 2022.

According to the new agreement, Russia is planning to cut the output by 2.5million barrels to 8.5 million barrels in May-June 2020.