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OPEC+ deal in May will be carried out close to 100%, better than in April — Novak

Russia is cutting production under the OPEC+ agreement, but starting in January it can increase it as part of a gradual easing of restrictions

MOSCOW, June 4. / TASS /. The level of fulfillment by Russia of obligations under the OPEC+ deal in May will be close to 100%, better than the April figures, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the St. Petersburg International Economic Forum on Friday.

"It will be better than in April. Close to 100%," Novak said.

Russia is cutting production under the OPEC+ agreement. But starting in January it can increase it as part of a gradual easing of restrictions. So, in January, the agreements allowed Russia to increase oil production by 125,000 bpd, in February-April - by another 130,000 bpd per month. In May-July, Russia may also raise production by another 38,000 bpd per month. According to the IEA, released in May, Russia fulfilled its quota by only 91% in April, exceeding production levels.

The 24th St. Petersburg International Economic Forum is being held on June 2-5. The forum’s business program will focus on the global and Russian economies, social issues, and technological development. TASS is the information partner and the official photo hosting agency of the forum.