Min: Russia plans to keep oil output on level of Jul, Aug in Sep

MOSCOW, Sep 3 (PRIME) -- Russia plans to keep September oil production at the level of July and August, Energy Minister Alexander Novak told reporters on Monday.

“In September (the recovery of production level after a cut made under the OPEC plus nonmember agreement is expected) at the level of July, August,” Novak said.

Novak said that in August, Russia’s oil production exceeded a 100% fulfillment of the deal terms by 253,000 barrels per day.

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.

Novak separately said that Moscow and Minsk are negotiating the balance of oil product supplies to Belarus in 2019.

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