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Russia fulfills oil output reduction quota in November

December 04, 2017, 14:26 UTC+3 ST. PETERSBURG

The purpose of the oil output agreement is to remove surplus world oil reserves

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ST. PETERSBURG, December 4. /TASS/. Russia in November reduced oil production by 303,800 barrels against October 2016, thereby fulfilling the quota within the framework of the OPEC+ agreement, Energy Minister Alexander Novak told reporters.

"In November - 303,800 barrels," the minister said.

The agreement on reduction of oil production was reached at the end of 2016 by the OPEC countries and the oil-exporting states that are not part of the cartel. According to the agreement terms, the participants should reduce production by a total of 1.8 mln barrels per day (against October 2016 level, taken as the base level in the transaction). Saudi Arabia has the largest quota for reduction - 486,000 barrels per day, as well as Russia - 300,000 barrels per day. Russia reached its quota in May of 2017 and has since maintained it.

The agreement, which was originally in force in the first half of 2017, has already been extended twice - until the end of March 2018, and most recently - until the end of 2018.

The purpose of the agreement is to remove surplus world oil reserves, which by early 2017 exceeded the five-year standard by 380 mln barrels. By October, surpluses were reduced to 150 mln barrels.

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