All news

Russia fulfills OPEC+ deal in November by 85%

Russia will focus on completing the deal in December in full, the energy minister said

MOSCOW, December 3. /TASS/. In November, Russia fulfilled its obligations under the OPEC+ deal to reduce oil production by 85%, and will strive to complete the deal by 100% in December, Russian Minister of Energy Alexander Novak told reporters on Tuesday.

"We reached the level of 195,000 barrels per day (average for the month), that is, it is about 85% (the level of completion of the deal - TASS)," he said.

At the same time, Russia will focus on completing the deal in December in full. "We strive to complete the deal to the full, at the level of 200,000-228,000 (barrels per day - TASS). We have a good level of implementation, taking into account winter, taking into account that condensate is also taken into account in these statistics," he explained.

Novak noted that at the moment Russia is forming its position on the deal for the upcoming meeting in Vienna. "I will not say anything now, we are still forming a position, it is usually voiced at a meeting, we will specifically discuss it there," he said.

OPEC+ countries at a meeting on July 1 agreed to extend oil production cuts agreement until March 2020. The current agreement assumes a total reduction in oil production by 1.2 mln barrels per day to the level of October 2018, including 812,000 barrels per day for OPEC countries and 383,000 barrels per day for non-OPEC countries.

Russia, in accordance with the agreement with OPEC in force since January 2019, should reduce oil production by 228,000 barrels per day.

At a meeting on December 5-6, 2019 in Vienna, OPEC+ countries will consider the issue of oil production levels after March 2020.