21 Oct 2019 09:55

Russian cos confirm readiness to fulfill obligations under OPEC+ deal in Oct - Novak

BELGRADE. Oct 20 (Interfax) - Russian oil companies have confirmed readiness to meet their obligations under the OPEC+ deal in October, Russian Energy Minister Alexander Novak told reporters on Sunday.

"Our target is to reach 100% figures in October. Now it's mid-October, and we have some time before the end of the month, and our companies confirm their readiness to deliver [on their commitments] in full," Novak said.

"In general, OPEC and non-OPEC countries have exceeded their commitments under the accord significantly. It was mainly thanks to the situation where production declined in Saudi Arabia this September following attacks on infrastructure. The exceeding is significant indeed," he said.

Russia met its commitments under to the deal by 90% in September, Novak said.

"We had unusual circumstances, particularly due to the winter period, with the production of gas condensate; this is a period that goes together with gas production; it is also included in the stats. Of 228,000 barrels per day [to be cut], we have fulfilled [the commitments], reducing [our daily output] by 200,000 barrels," he said.