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OPEC+ Technical Committee to discuss production quotas distribution — source

Russia would maintain its oil production on the level of July within OPEC+ deal, Energy Minister Alexander Novak told reporters earlier

MOSCOW, August 28. /TASS/. The OPEC+ Technical Committee composed of experts from countries participating in the oil production capping deal will discuss the mechanism of quotas allocation among countries within the framework of the June decision to restore production by 1 mln barrels daily on September 11, a source in OPEC told TASS on Tuesday.

The meeting will be held in the teleconference mode.

"The mechanism of distributing the [production] increase within the framework of this million and the increase value has not been determined yet. This will be the point for discussion," the source said. This matter was also discussed on August 27 at the meeting of experts with the OPEC+ monitoring committee, he added.

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Russia to increase oil production in 2019 — OPEC

The scheduled meeting of the Technical Committee will precede the ministerial monitoring committee meeting to be held in Algiers on September 23.

In late June, OPEC + countries decided to return to 100% fulfillment of their obligations on limiting oil production. The deal on cutting production had been over-fulfilled for several months and it was decided to increase production by 1 million barrels per day.

Russia would maintain its oil production on the level of July within OPEC+ deal, Energy Minister Alexander Novak told reporters earlier.

In July 2018, Russia almost restored the reduced oil production volume within the OPEC+ framework, boosting it by 259,500 barrels daily against October 2016, while it had lowered the production by 300,000 barrels per day earlier in accordance with agreements reached at the turn of 2016.

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