OPEC+ agreement performance above 100% in June — Novak

Business & Economy August 04, 2023, 17:37

According to the deputy prime minister, the committee also confirmed implementation of the deal in line with earlier parameters

MOSCOW, August 4. /TASS/. OPEC+ countries managed to perform conditions of the oil production reduction deal by more than 100%, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel.

"The next meeting of the ministerial committee has passed. The market situation was evaluated, the current market situation was considered, and the agreement performance in June was assessed. It is at a high level, above 100%," Novak said.

Participants in the meeting also confirmed implementation of the deal in line with earlier parameters the deputy prime minister said. They also supported the voluntary production cut by Saudi Arabia by one million barrels per day and the decision of Russia to extend voluntary export reduction by 300,000 barrels daily in September.

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