Report: Russia fulfills OPEC+ oil output cut deal by 134.7% May

MOSCOW, Jun 3 (PRIME) -- Russia reduced oil production by 1.1% on the month in May and raised 1.3% on the year to 11.114 million barrels per day, reaching a 134.7% compliance with the terms of the OPEC plus nonmember deal, Bloomberg reported June 2, citing Energy Ministry’s dispatcher unit CDU-TEK.

Reduction of oil output amounted to 307,000 barrels per day in May after 188,000 barrels per day in April, which corresponded to an 82.5% compliance with the deal terms.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. Earlier 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.

The further fate of the oil production cut agreement was expected to be defined at OPEC and OPEC+ meetings on June 25 and June 26, respectively.

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