MOSCOW, May 3 (PRIME) -- Russia fulfilled a crude production cut agreement of OPEC and non-OPEC states by 95.2% in April, Energy Minister Alexander Novak said on Thursday.
“Russia reached a 95.2% level of output reduction in April. Fluctuations of liquid hydrocarbons production in April were linked to a higher activity in product sharing agreement projects,” he said.
Novak added that Russia is fully committed to balancing the global oil market and offsetting factors of such volatility.
In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was prolonged until the end of 2018 in November 2017.
Russia successfully cut its production by over 300,000 barrels since April 2017, but March was the first month for the state to fulfil its obligations under the deal by only 93.4% or 280,220 barrels.
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