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Russia remains committed to OPEC+ deal — Kremlin

An 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

MOSCOW, February 13. /TASS/. Russia remains committed to the OPEC+ oil production capping deal, press secretary of the president Dmitry Peskov told reporters on Tuesday.

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Russia to continue coordination with OPEC on oil market after OPEC+ deal is over

"Russia remains committed to agreements [with OPEC - TASS]. This is all I can confirm now," Peskov said responding to a question whether extension of this deal is planned. "Different talks, particularly through the Energy Ministry, are held" regarding the further effect of the OPEC+ deal, Peskov noted. Russian President Vladimir Putin "did not met and did not discuss" this matter with OPEC Secretary General Mohammed Barkindo, he added.

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 terms, the participants of the deal should reduce production by a total of 1.8 mln barrels per day (against the level of October 2016, taken as the base level). 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 2017 and has since retained it.

The agreement, originally in force in the first half of 2017, has already been extended twice: first - 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.

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