5 Dec 2019 17:02

Novak: OPEC+ countries need to bear equal burden in implementing deal

VIENNA. Dec 5 (Interfax) - OPEC+ countries need to bear an equal burden with respect to cutting production under the OPEC+ deal, according to Russian Energy Minister Alexander Novak.

"Today we'll elaborate recommendations for our joint actions in the market, including actions in the first quarter of 2020," Novak was quoted as saying by the Energy Ministry on Twitter.

In December 2018, OPEC+ countries agreed to cut oil production in H1 2019 by 1.2 million bpd relative to the level of October 2018. In July, the deal was prolonged until March 31, 2020. Russia is supposed to cut output by 228,000 barrels per day.

According to the ministry, Russia's compliance with the deal in November was 85% (reduction of 195,000 bpd), with slight overcompliance if condensate is disregarded.