Minister: Russia raises oil output by 260,000 bpd in July

MOSCOW, Aug 1 (PRIME) -- Russia raised oil production by 260,000 barrels per day in July in line with a new quota under the OPEC plus nonmember oil output restriction agreement, Energy Minister Alexander Novak told reporters on Wednesday.

“In July, oil and gas condensate production was by 40,540 barrels per day lower than the output level of October 2016. The production growth is aimed at retaining oil market stability in the framework of joint measures of the countries which are OPEC members and non-members,” Novak said.

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.

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