Russia will fulfill OPEC+ deal in May, pipeline oil exports will be stable - Novak
MOSCOW. April 29 (Interfax) - Russian companies will manage to fully carry out the OPEC+ deal to cut oil production in May, Energy Minister Alexander Novak said in an interview with Interfax.
"The level of compliance with the deal will be 100%, all companies have assumed obligations to fulfill the agreements," Novak said.
Russia has been increasing production of liquid hydrocarbons, primarily oil, in the past week, although the technical process of shutting down wells in Russia takes several weeks.
"This figure [for the level of production under the OPEC+ deal] is the monthly average, so on average for the month these figures will be reached," Novak said.
He also commented on the planned 40% decrease in Russian oil exports through seaports in May.
"I don't think that our oil exports will drop by 40%. These are preliminary statistics that don't fully take into account utilization of oil refineries, and exports via pipelines, as far as we expect, will remain more stable," Novak said.
"Much will depend on the situation on the domestic market, on what the situation will be in oil refining. Maybe they'll refine more, there'll be more oil product exports. Or on the contrary, more oil exports. These are commercial matters. We need to proceed foremost from the reduction of production, and where this oil goes, companies will look at the situation based on the market environment," Novak said.