Min: Russia cuts May oil output by 371,000 bpd, above OPEC+ goal

MOSCOW, Jun 3 (PRIME) -- Russia reduced oil production by an average of 317,000 barrels per day in May as compared to the level of October 2018, having significantly overfulfilled the goal set by the OPEC+ oil production cut deal, Energy Minister Alexander Novak told reporters on Monday.

In June, Russia plans to fully comply with production levels stipulated by the deal, he said.

“Within OPEC+, Russia is at the level of oil production reduction of 317,000 barrels per day in May compared to October 2018. In June 2019, Russia intends to fully comply with agreed levels of production under OPEC+ cooperation,” Novak said.

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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