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Russia’s quota in OPEC+ deal increases to 300,000 bpd — sources

The target daily oil production level for Russia is 11,121 mln barrels, two sources in delegations told TASS

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OPEC countries reach consensus on deal

VIENNA, December 6. /TASS/. OPEC+ oil production capping deal participants negotiated new quotas for oil production cuts to be effective in the first quarter of 2020 at the meeting on December 6. Russia will have to reduce daily production by 300,000 barrels [the current quota is 228,000 barrels] and Saudi Arabia — by 482,000 barrels [322,000 barrels at present], two sources in delegations told TASS on Friday.

The Russian quota in the agreement increased by 72,000 barrels per day and the quota of Saudi Arabia — by 160,000 barrels per day. The target daily oil production level for Russia is 11,121 mln barrels (11,191 mln barrels at present) and for Saudi Arabia — 10,151 mln barrels (10,311 mln barrels now).

The quota of OPEC member-states will be 350,000 barrels per day and the quota of other deal participants — 150,000 barrels per day.

OPEC and OPEC+ ministerial meetings are held in Vienna on December 5-6, featuring discussions on the future of the agreement providing for oil production cut by 1.2 mln barrels per day. It expires in March 2020.

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