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Russia to continue exceeding oil production cut target in June

MOSCOW, June 27. /TASS/. Russia will be ahead of schedule on compliance with its obligations within the oil production cap deal between OPEC and non-OPEC nations, the country’s Deputy Energy Minister Kirill Molodtsov said Tuesday.

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Russia fully complies with terms of oil production cut deal — Energy Ministry

"Over 300 [thousand barrels per day - TASS]," he said when asked about Russia’s crude output reduction in June.

According to the deputy minister, Russia fully complies with all parameters of the agreement.

On May 25, OPEC and non-OPEC countries agreed in Vienna to extend the existing level of oil production cut (1.8 mln barrels daily) until April 2018.

The quota of oil output cut by the OPEC countries and 11 independent oil producers remained the same - 1.8 million barrels per day (Russia accounts for 300,000 barrels).

In December 2016, OPEC and 11 countries outside the cartel agreed to withdraw 1.8 million barrels per day from the oil market in the first half of 2017. The goal of the alliance is to reduce global oil reserves to an average level of five years.

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