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Russia vows to comply with obligations under OPEC+ agreement

March 06, 22:00 UTC+3 HOUSTON

In late 2016, OPEC member-states and 11 independent oil-exporting countries, including Russia, signed an agreement to reduce oil production

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HOUSTON, March 6. /TASS/. Russia will continue to fulfill its obligations within the agreement on oil production cut (OPEC+) and in case of staff changes in the Energy Ministry, First Deputy Minister Aleksei Texler said at the CERAWeek conference on Tuesday.

When asked about the impact of friendly ties between energy ministers of Russia and Saudi Arabia on the OPEC+ deal and whether potential staff changes can affect the commitment, he said: "As far as particular persons are concerned, the task of the cooperation (inside OPEC) is to make sure the alliance operates regardless of any staff changes in the countries. In many countries, there have been cabinet shake-ups and other changes, and it can be said that OPEC and non-OPEC countries have shown a 100% compliance with their obligations with particular persons replaced."

"There are no substantial risks here," he added.

In late 2016, OPEC member-states and 11 independent oil-exporting countries, including Russia, 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.

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