Source: OPEC+ in talks on output reduction in line with 2016 quotas

MOSCOW, Dec 4 (PRIME) -- The participants of the OPEC plus nonmember oil output reduction agreement are considering reducing production in accordance with the quotas agreed upon in 2016, a source close to the negotiations told PRIME on Tuesday.

“There are conditions to retain the agreement (the Vienna deal of OPEC and non-member oil producers) with the same levels of output which were agreed upon in 2016… This means that Russia exceeds its level of 2016 by 457,000 barrels per day,” the source 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.

President Vladimir Putin said on Monday that Russia and Saudi Arabia had agreed to prolong the deal of OPEC and non-OPEC states to reduce oil production, but had not defined the volumes.

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