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Kremlin says Russia has no new agreements on oil production cap

July 10, 16:30 UTC+3 MOSCOW
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MOSCOW, July 10. /TASS/. There are no additional agreements between OPEC and non-OPEC member-states on oil production cut, except the one in effect now, the Kremlin spokesman Dmitry Peskov said Monday when asked whether Russia plans to reduce its crude output by more than 300,000 barrels per day.

"You are aware of the agreements and the ‘cap’ in effect now. There are no other agreements as of today," he said.

In December 2016, OPEC and 11 independent countries outside the cartel including Russia 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. 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.

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