Energy minister says Russia committed to balanced oil market

MOSCOW, Apr 2 (PRIME) -- Russia remains fully committed to reaching of a balance on the oil market having fulfilled the terms of the OPEC plus nonmember oil output reduction agreement by 93.4% in March, Energy Minister Alexander Novak told reporters on Monday.

“Russia is fully committed to attaining a balance on the oil market,” Novak said.

“Russia reached an output reduction level of 93.4% in March. The fluctuations of liquid hydrocarbons production in March were caused by a high gas demand, as well as by the seasonal factors of the domestic market.”

The OPEC states agreed to reduce their production by 1.2 million barrels daily to 32.5 million barrels in November 2016. 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. In late 2017, ministers of OPEC states agreed to prolong the deal until the end of 2018.

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