IEA says Russia fulfils oil production cut deal 87% in February
MOSCOW, Mar 15 (PRIME) -- Russia cut its daily liquid hydrocarbon output by 260,000 barrels to 11.34 million barrels in February as compared to October 2016, having fulfilled an oil production cut agreement by 87%, the International Energy Agency (IEA) said in a report on Thursday.
In January, the fulfillment of the oil production cut agreement by Russia stood at 88%
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.
OPEC states reduced oil production by 70,000 barrels a day compared with October 2016 to 32.1 million barrels in February, fulfilling the agreement by 147%.
Non-OPEC states fulfilled the agreement by 86% having reduced oil output by 470,000 barrels a day to October 2016 to 18.39 million barrels.