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Russia in July extracts 10.9 million barrels oil - Minister Novak

July 23, 2017, 16:03 UTC+3

"In July, we had 10.947 (million barrels), minus 300 (thousand barrels - TASS) of October," Russia's Minister of Energy Alexander Novak said

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ST. PETERSBURG, July 23. /TASS/. Russia produced in July 10.947 million barrels, which is 300,000 barrels less than the level of October, which OPEC considers a base level in agreement on production cut, Russia's Minister of Energy Alexander Novak told reporters on Sunday.

"In July, we had 10.947 (million barrels), minus 300 (thousand barrels - TASS) of October," he said.

Russia reached the target cut under the deal with OPEC back in May.

Russia and OPEC extended the production cut deal for another nine months from July 1 to end of March, 2018. The agreement's terms and conditions remain unchanged.

The ministerial committee 

The ministerial committee on July 24 will discuss growing oil output in Libya and Nigeria, Novak told reporters.

"Of course, we shall discuss the current situations in all the countries," he said. "Including Libya and Nigeria."

On July 22, the technical committee discussed growing production in those countries. OPEC’s Secretary General Mohammad Barkindo told reporters the delegations from Libya and Nigeria at the meeting had presented all the figures and production plans - which correspond to the problems those countries are facing.

Libya and Nigeria are two members of OPEC, which are outside the obligation of production cut due to the instable political situations in those countries. Meanwhile, the production there was growing thus affecting the effect from the cutting under the deal.

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