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World oil prices

Russia might fulfill its obligations to reduce oil output by 100% in May — energy chief

According to the minister, Russian companies are fulfilling their obligations to reduce oil production

MOSCOW, May 7. /TASS/. The Russian Ministry of Energy expects to fulfill its obligations to reduce oil production within the framework of the OPEC+ agreement by 100% in May, Minister Alexander Novak told reporters.

"We are committed, 100% is our goal, we will fulfill it," he said.

Read also

Oil price not OPEC objective, secretary general notes

According to the minister, Russian companies are fulfilling their obligations to reduce oil production.

Two months in a row - in April and March - Russia underfulfilled the quota in the OPEC+ deal to reduce oil production. In April, it was fulfilled by 95.2%, in March - 93.4%.

Russia agreed to cut oil production by 300,000 barrels per day against October 2016 level and smoothly reached this level from the beginning of 2017, reaching it in May of last year. Since then, Russia has fulfilled the terms of the deal stably, and in some months even surpassed the required volume.

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Oil & Gas Alexander Novak Oil price

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