OPEC+ agreement to cut oil output fulfilled by 102% - Novak
VIENNA. May 24 (Interfax) - The agreement to cut oil output by OPEC and non-OPEC countries has been fulfilled by 102% since January 1 when it came into force, Russian Energy Minister Alexander Novak told TV channel RT.
"We looked at the results after 4 months of the agreement today. They were acknowledged to be very satisfactory, they have been fulfilled 102%," Novak said.
He said that following the session, the monitoring committee had recommended extending the agreement by 9 months. "This means that all the target figures, taken on December 10 last year and in effect from January 1, 2017, will be extended 9 months," the minister said.
"We believe that the primary task of these joint actions which countries have taken up until now and which are being recommended for extension is to rebalance the market, reduce volatility, renew investment prospects and reduce the surplus [of oil] which today still has not fully reached the five-year average level," Novak said.
