Source: Ministry sets proportional quotas to oil firms under OPEC+

MOSCOW, Apr 17 (PRIME) -- The Energy Ministry distributed oil output reduction quotas to Russian companies under the OPEC+ deal in proportion to their production, a source in one of the companies told PRIME on Friday.

“Everyone received information from the Energy Ministry yesterday or today on how much they will have to cut, there is a definite amount of what the reduction should be,” the source said.

Quotas will be distributed proportionally to production. “A decision was made to reduce production by a certain percent, and companies will reduce their production by this percent,” the source said.

On April 12, the OPEC+ countries agreed to reduce their oil production by 9.7 million barrels per day in May–June, by 7.7 million barrels per day in July–December, and by 5.8 million barrels per day from January 2021 through April 2022. Russia’s share in the reduction will amount to 2.5 million barrels per day in May–June. The agreement is valid until April 30, 2022, but the members will revise its prolongation in December 2021.

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