IEA: Russia’s oil output falls by 190,000 bpd in April

MOSCOW, May 15 (PRIME) -- Russia’s oil production fell by 190,000 barrels per day from October 2018 to 11.56 million barrels per day in April, which accounted for 80% fulfillment of the OPEC+ agreement, the International Energy Agency (IEA) said in a report on Wednesday.

Non-OPEC stated fulfilled the OPEC+ oil production cut agreement by 151% reducing the output by 580,000 barrels per day.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018.

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