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Russia’s energy chief says country’s compliance of OPEC+ deal totals 92% in October

Russia’s quota within the agreement is 228,000 barrels per day, which brings Russia’s compliance to 92.5%

MOSCOW, November 2. /TASS/. Russia reduced crude production by 211,000 barrels per day within the OPEC+ deal against the basis level in October, Energy Minister Alexander Novak told reporters on Saturday.

"Russia reduced crude production by 211,000 barrels per day within the OPEC+ deal in October against October 2018. Meanwhile, as of end-October reduction amounted to 298,000 barrels per day," he said. Russia’s quota within the agreement is 228,000 barrels per day, which brings Russia’s compliance to 92.5%.

The OPEC+ production reduction pact aimed at stabilizing crude prices is valid until the end of March 2020. In total, the countries participating in the agreement should reduce production by 1.2 mln barrels per day to the level of October 2018. Under the deal, OPEC and non-OPEC nations are obliged to cut their oil output by 812,000 and 383,000 barrels per day, respectively.

Russia exceeded its quota within the OPEC+ agreement in May-July as crude transit was suspended due to the contamination of oil in the Druzhba oil pipeline. In August, companies restored production as the system was cleaned, Novak said earlier.

According to the International Energy Agency’s calculations, the compliance rate of OPEC+ nations was 202% in September.