Russia cuts oil output in June by 305,000-308,000 bpd in comparison to October
MOSCOW. June 28 (Interfax) - Russia has cut oil output in June by 305,000-308,000 barrels per day (bpd) in comparison to October levels, exceeding its OPEC commitments by around 2%, Russian Energy Minister Alexander Novak told journalists.
"Oil output was cut in June in comparison to October by an average of 305,000-308,000 bpd, which means that Russia has completely met its commitments," he said.
He added that Russia was not currently discussing making additional oil cuts. "At the moment the issue of [making more oil cuts] is not being discussed. At the July meeting [of the ministerial committee for monitoring the fulfillment of the OPEC+ agreement] we will discuss the situation on the market in whole," he said.
At the end of 2016 OPEC countries agreed to cut oil output by 1.2 million bpd in relation to October 2016 levels to 32.5 million bpd. Non-OPEC countries agreed to cut output by 558,000 bpd, of which 300,000 bpd was to be cut by Russia. In May the agreement was extended until the end of March 2018.
