Novak puts Russia’s compliance with OPEC+ deal at 100% in August

SOLNECHNOGORSK, Moscow Region, Sep 9 (PRIME) – Russia almost fully complied with the OPEC+ oil production cut deal in August, Energy Minister Alexander Novak told PRIME on Monday.

“We (fulfilled the OPEC+ deal) close to 100%, we have always complied with the deal by around 100%. And the precise data will be delivered by the technical committee basing on the general methodic. So let us wait for it. But according to our assessment, it will be close to 100%,” he said.

Novak also said that he knows nothing about requests of the states underperforming under the deal on prolongation of a mechanism to compensate for overproduction beyond September, but does not rule out that the issue will be discussed at the next meeting of the monitoring committee later this month.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. Later, the cut was prolonged at 9.7 million barrels per day for July, and narrowed to 7.7 million barrels per day for August–December, and then to 5.8 million barrels per day until May 2022. The agreement is valid until April 30, 2022, but the members will revise its extension in December 2021.

End %%as/jst%%