OPEC+ committee says Russia’s compliance at 96% in October

MOSCOW, Nov 19 (PRIME) -- Russia’s compliance with the OPEC+ oil output reduction deal reached 96% in October, as seen by PRIME late on Wednesday in a report prepared for a meeting of the alliance’s joint ministerial monitoring committee.

On Tuesday, the OPEC+ states said that their compliance with the deal fell to 101% in October from 102% in September, with the OPEC states complying by 105% and the non-OPEC states by 96%. The combined amount of unfulfilled obligations stands at 2.346 million barrels a day between the beginning of the deal to the end of October.

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.

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