Russia outperforms OPEC+ deal in July
Energy Minister Alexander Novak added that Moscow also plans to meet the requirements stipulated by the deal in August
MOSCOW, August 3. /TASS/. Russia outperformed its crude production quota within the OPEC+ agreement in July as it slashed output by 290,000 barrels per day compared with October 2018, Energy Minister Alexander Novak told reporters on Saturday, adding that Moscow also plans to meet the requirements stipulated by the deal in August.
"In July, Russia fulfilled its OPEC+ obligations. In July, production decreased by 290,000 barrels per day compared with October 2018. In August 2019, Russia plans to maintain crude production at the levels stipulated by the OPEC+ (deal)," he said.
Russia agreed to cut crude production by 228,000 barrels per day in the first half of 2019 compared with October 2018 when it amounted to 11.421 mln barrels. It means the country exceeded its quota by 27.2%. The deal expires in late March 2020.
All in all, OPEC+ countries agreed to reduce crude production by 1.2 mln barrels per day, of which 812,000 barrels accrue to OPEC countries and 383,000 barrels - to non-OPEC states.