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VIENNA, September 21. /TASS/. OPEC and non-OPEC countries jointly performed the oil production limiting agreement by 116% in August, Russian Energy Minister Alexander Novak told reporters on Thursday.
"The average performance of the deal by OPEC and non-OPEC countries was 116% in August," the minister said.
In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016.
In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.