Min: OPEC+ states fulfill oil output cut deal by 108% in Aug

MOSCOW, Sep 17 (PRIME) -- OPEC and non-OPEC states fulfilled the oil production cut agreement by 108% in August, Energy Minister Alexander Novak told reporters on Monday.

“In August, the fulfillment stood at 108%. Thus we did not even fully restore the combined output,” he said.

The countries have the possibility of discussing any scenarios of the development of the situation, he said. “We will have to look how it is reasonable to act in the current situation.”

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

Russia is ready to interact with the U.S. over issues of the oil market balancing, but such cooperation has not been discussed yet, Novak also said.

“I think that in this case this depends on colleagues from the U.S. We are ready to interact with them in this issue, but (we know) they have a position that they do not participate in such questions,” he said.

OPEC+ states will discuss forecasts for supply and demand on the oil market in the fourth quarter at the upcoming meeting in Algeria on Sunday, Novak also said.

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