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Russia’s oil production down by 344,900 barrels a day in August

Russia is fulfilling the liabilities it has voluntarily undertaken, said Russian Minister of Energy Alexander Novak

MOSCOW, September 3. /TASS/. Russia is implementing its liabilities under the OPEC+ deal, with production cuts reaching 344,900 barrels a day in August, Russian Minister of Energy Alexander Novak said on Sunday.

"In August 2017, overall oil production cuts amounted to 344,900 barrels a day as compared with October 2016. Thus, Russia is fulfilling the liabilities it has voluntarily undertaken," he said.

I late 2016, the (Organization of the Petroleum Exporting Countries (OPEC) and 11 oil exporting countries that are not its members, including Russia, reached an agreement to cut daily oil production by 1.8 million barrels a day in the first six months of 2017 (on October 2016). Russia undertook to cut production by 300,000 barrels a day. In May 2017, all the participants in the deal agreed to extend it till April 2018, with countries’ quotas remaining as they were initially agreed.

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Alexander Novak

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FACTBOX: Collective Security Treaty Organization

The Collective Security Treaty came into force on April 20, 1994 to herald the emergence what would eventually become the Collective Security Treaty Organization. The six member-countries are Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan